very short term, we cannot preclude a significant share of bank revenues being eroded by new entrants into the financial sector. we are already seeing this in the retail lending and payment segments of the market. fintech will most likely change our banking landscape as the public at large becomes more predisposed to the use of technology. the intermediation role of banks may totally change, and may no longer be the sole domain of the banking industry. so it is in the banks ’ interest that any public disillusionment with banks be addressed preemptively. the role of compliance is very much a part of this conversation. it has to be, since the compliance function exists not only to ensure that rules are followed by banks. it can be used to 3 / 5 bis central bankers'speeches maintain public trust and to shape the cultural norms and values for an organisation. the compliance function complements enforcement and supervisory actions in upholding the sanctity of rules that safeguard public interests. bank negara malaysia will continue to take strong enforcement actions against institutions with significant lapses in controls that might lead to risks in the financial system. we recognise that compliance is not an easy task. it is not possible to police every minute detail of a bank ’ s operations. hence, a key priority should be to foster a culture of compliance within the inherent norms and values of an organisation. culture can be an abstract concept, but the simplest way to describe it is how a bank employee will behave when there is little threat of “ being caught ”. this is also sometimes referred to as “ soft laws ”. the compliance function can help to shape and internalise “ soft laws ” through an effective monitoring and assessment framework. with a pulse on the ground, it also provides an important feedback loop to senior management and the board on actions that can be taken to reinforce a strong tone from the top. compliance officers can also galvanise broader industry initiatives, working with bodies like the financial services professional board to develop constructive codes of ethics and conduct for the industry and encouraging their adoption. earlier, i alluded that the compliance function can be a strategic business proposition. but this can only be achieved through sufficient investment in capacity building in the compliance function, in terms of both systems and resources. one aspect that tends to be overlooked by institutions in managing compliance risk is the importance of effective channels for communication and information flows between various control functions and the business departments. the closer the cooperation between various functions within the bank

, together with pdrm, the malaysian communications and multimedia commission ( mcmc ), and the national anti - financial crime centre ( nfcc ), will work together to further elevate the ccid scam response centre as a more systematic information sharing platform that will enable quicker action to prevent further losses. through the centre, the agencies will also cooperate and coordinate measures to prevent scams, through the sharing of resources, expertise and data. further details on this initiative will be announced in due course. in addition, the cooperation of mcmc, third - party service providers ( e. g. telecommunication companies ), and tech platforms ( e. g. social media, ecommerce ) will also be key to prevent these services from being abused for scams. in short, all parties play an important role in strengthening our collective defences to deal with the threat of financial scams. an important aspect in dealing with financial scams is in raising public awareness, including of scam tactics used by criminals and the steps that the public can take to avoid becoming victims of financial scams. in this regard, bnm, the financial industry and law enforcement agencies will continue efforts to enhance the effectiveness of awareness programmes and improve on the dissemination of information to the public. various educational and awareness initiatives have been implemented across multiple channels and platforms, including online webinars, as well as the sharing of reminders and advisories on how the public can protect themselves against financial scams. we encourage the public to visit and follow the amaran scam facebook page at https : / / facebook. com / amaranpenipuan. that said, the effort to combat financial crimes requires the support of all parties. each of us as consumers are responsible and have a role in protecting ourselves from scams. online banking users must protect their personal and banking information, and to never disclose such information to any individual or to key it into suspicious websites. users should also be vigilant and ensure that their devices, such as mobile phones, run up - to - date software and operating systems. they should ensure that their devices are secure, free from suspicious apps which might carry malware and spyware. this means being careful with what you install on devices used for online banking transactions. there are many ways we can protect ourselves from scams, but in my mind, they boil down to three steps, what we call “ 3s - spot, stop and share ” : spot – look out for signs of