, and on their tenure of office. i have no doubt that the management and board of bramer bank share our belief that a sound corporate governance framework is the bedrock on which to build a successful bank. we expect to initiate a national payment switch soon. this will connect all transactions by card and mobile phone to a central point, and lead to significant cost savings for all stakeholders. it will level the playing field for all banks by removing the barriers to entry which the costly initial investments represent for small banks, acting singly. we also recognize the importance of protecting depositors and we sincerely hope we shall overcome remaining pockets of resistance and set up a national deposit insurance scheme, which is a critical missing link in our domestic financial architecture. the bien - etre of consumers of banking services is a key concern. customers are in a weak bargaining position vis - a - vis banks. the task force on unfair terms, that we have set up, is hard at work and will soon come up with its recommendations on how customers can get a fairer deal. so, these are some of the priority areas for us in our quest to ensure that consumers are treated fairly and get the protection that they deserve. as regulator, i would not earn my keep if i did not use the occasion to offer some words of advice to my regulatees. i am inclined to caution banks against undue risks. i greatly appreciate the efforts of our banks in technological innovation but this must not be at the expense of any relaxation in controls and risk management processes. by all means, venture into new areas but, first, do put in place safeguards to mitigate the potential risks! banking is becoming increasingly transnational and it only takes a click of the mouse for funds to switch jurisdictions. we must remind ourselves that the risks of money laundering are ever - present. banks should always be on the alert to combat money laundering and to prevent our financial system from being used as a conduit for such crimes. i welcome the recent measures in the budget to combat financial crime. my final comment is prompted by a recent press remark attributed to a local banker. the banking industry differs in crucial respects from other business sectors and i would expect a banker to be aware of it. locally, the shareholding of non - bank corporates in some domestic banks is very significant – which is not permitted in many jurisdictions. the return on equity ( roe ) in the banking sector is well above those of the real sector – at 30 june 2013,

have long been known to be an effective supervisory tool to ensure compliance, the tool of education should be used in the first instance for more effective results. the fatf has highlighted the importance of education which is a key supervisory tool for effective aml / cft systems. supervisors are students and also trainers, not only instilling knowledge, but also transforming compliance cultures of regulated entities. 1 / 2 bis central bankers'speeches so, ladies and gentlemen, may i wish you fruitful deliberations in this workshop, which i hope will bring added value to your work in the area of beneficial ownership. thank you for your attention. 2 / 2 bis central bankers'speeches