of which leave the aml landscape untouched. 2 / 3 bis - central bankers'speeches sanctions and their evasion present a sizable risk going forward. the circumvention of sanctions through the countries in the east is especially important for lithuania, given our geographical location. in this context, the task of the financial sector is multifaceted. that is, we not only have to make sure that attempts to circumvent sanctions are prevented, but must also be constantly aware of future risks. importantly, however, the financial sector is not alone ; its participants can count on lietuvos bankas. we are constantly monitoring the situation, issuing guidelines and recommendations to make sure that the financial sector is properly informed and assisted. besides geopolitics, there is also digitalisation. since the covid - 19 pandemic, we have witnessed the acceleration of digital developments, to which finance has not been a bystander. a bank for international settlements study released late last year found that the ongoing digitalisation of finance provides benefits to the economy, as well as to financial stability. these include greater efficiency in the provision of key banking services, more convenience for customers, financial inclusion, and faster responses to crises. however, digitalisation is a double - edged sword. criminals are exploiting digitalisation to commit online fraud at a greater scale and in a broader scope than ever before, as digitalisation enables fraudsters to be more agile. this is backed by the data : digital fraud increased by 37 % on average between 2021 and 2022 across various regions around the world, including europe. ladies, and gentlemen, i began my speech by saying that this conference is turning into a nice tradition. repetition is what defines every tradition, including ours. thus, let me repeat what i said last year, standing in this exact place. aml risk management does not mean de - risking. quite the opposite, the focus on the consumer – in terms of the accessibility, quality and safety of financial services – has to remain at the heart of business for each and every financial institution. and this is the note on which i will end. many thanks. 3 / 3 bis - central bankers'speeches

the market functions right now. to ensure that the financial system functions as well as possible, the riksbank has also implemented some other measures for preventive purposes. on monday we decided, to put it simply, to increase the access to credit for participants in the rix payment system. one can say that we are oiling the wheels of the system by making it easier for participants to make their payments to one another during the course of the day. they can now to a greater extent use their own covered bonds, or those issued by an institution with close links, as collateral in the system. a covered bond has collateral in the form of, for instance, a mortgage, which is provided by the credit institution that has issued the bond. this means that the credit granter is more protected than in the case of ordinary bonds. covered bonds are therefore good collateral and many other central banks accept these bonds on a larger scale than the riksbank. in our case the permitted share was raised from 25 per cent to 75 per cent. this measure means, put in very simple terms, that participants in the rix system can use more collateral to borrow against if necessary. another measure is that, for instance, the riksbank and the central banks of denmark and norway, together with the us federal reserve, have reached an agreement for the purpose of increasing access to dollars in the scandinavian financial markets, if necessary. for the riksbank this involves the possibility to obtain access to us dollars in addition to the foreign currency reserve. this is what is known as a swap facility and amounts to a total sum corresponding to usd 10 billion. our assessment is that it will probably not be necessary to use the money. it is nevertheless important to demonstrate that we are prepared to act if it should prove necessary. the agreement can be quickly put into operation if it should actually become necessary. financial stability is satisfactory what is happening now has not come as a bolt from the blue. and it is not a question of the central banks sitting with their arms folded ignoring the risks taken by the commercial banks. in sweden, the riksbank has regularly highlighted many of the risks in the financial system. we did so most recently in our financial stability report. there we pointed out, for instance, that the financial turbulence might worsen and that the banks'access to funding could deteriorate. at the same time, we have all along made the assessment that financial stability in sweden has been satisfactory. we make the