that facilitate faster and cheaper payments. 1 / 6 bis - central bankers'speeches the scale of the challenge faced by regulators, law enforcement and industry in an environment of almost continuous technological advancement is immense. the interconnected nature of the global financial system and the proliferation of cross - border crime has added a layer of complexity and opaqueness to compound the challenges already faced. recent scandals and exposa©s have revealed many risks. what we have seen is that tackling criminality across borders and stemming flows of money is complex and very difficult. the incentives for bad actors to circumvent obstacles and controls is too great for any single country or authority to be able to combat alone. the risks of financial crime and the abuse of the financial system is going to continue to rise in the coming years. digitalisation, artificial intelligence and further moves to a world online for the next generation means that traditional views and methods of preventing financial crime are obsolete. we need smarter, faster and more agile ways to combat financial crime in the system. however, before concluding on this point, it is not all doom and gloom. the same technological advances will also present more opportunities for transparency, deterrence, detection and disruption. the critical point being that it means we must collaborate and share, follow the risk and not get bogged down in process, and be laser focused on outcomes, not just on outputs. europe's response to the challenges turning to where we are now. the genesis of the new eu aml framework was an acknowledgment that a more collective and coordinated approach is required across the eu member states to tackle these challenges. moving to a single rulebook and setting up a central aml authority was seen as critical to improving aml effectiveness across the union. a key concern has been fragmentation in approaches by different national authorities and not identifying and mitigating risks with a broader lens, in a more coordinated way across europe. the creation of amla is a significant step in the right direction to confront the challenges we face, today and tomorrow. it presents a unique opportunity to grasp the nettle of regulatory fragmentation and eliminate the weak points in the current european aml framework. however, we should not be complacent in assuming that amla's success in combatting money laundering is guaranteed. setting up amla for success most people do not think about designing regulation and supervisory architecture. why would they? it is only something that catches people's attention when something goes wrong

to ensure it is future - ready. as i have said before, " the code is a cornerstone of consumer protection in financial services in ireland, establishing a set of rules and expectations for how firms should treat their customers and has allowed the central bank to intervene to protect consumers. " the changes we have proposed build on the existing code, reflecting the provision of financial services in a digital world. 1 / 3 bis - central bankers'speeches we have had very active and important engagement with stakeholders on the code, with feedback coming through from across industry, civil society and other government agencies and regulators, as well as from the minister for finance. the feedback we have received has been broadly positive with many stakeholders welcoming the proposals. we are aiming to publish the revised code early in the new year. when implemented, consumers will benefit from a package of protections that reflect how they are accessing financial services today. regulated firms will benefit from a clearer articulation of their code obligations. as you know, we are also making changes to our supervisory model, which we will begin to implement in january. the new model remains risk - based, but is evolving to deliver a more integrated approach drawing on all elements of our mandate ( consumer and investor protection, safety and soundness, financial stability and integrity of the system ). this enhanced approach is based on accumulated experience, on insight, on best practice and is built for a faster moving and more complex financial services sector. firms will hear one consistent voice from the bank, with more coordinated messaging and more streamlined demands across the full span of our regulatory and supervisory mandate. we will promote a more open and transparent supervisory approach. to enable and implement our new supervisory framework we need the right operational approach and organisational structure. we are moving to an organisational structure where our regulatory and supervisory directorates will have teams responsible for integrated supervision across all our regulatory outcomes. importantly, our supervisory model will place consumer protection at the heart of day - today supervision. it will position us better as an organisation to meet our objectives to ensure consumers of financial services are protected in this changing financial landscape, as highlighted by the oecd report. this is why this review by the oecd is so important, as it provides us with recommendations and insights that will support our ambition to transform and will be incorporated into our transformed supervisory approach. the oecd's assessment that the central bank is operating in line with the high level principles is very positive. we also welcome the recommendations on how