Like electricity, water, gas, railways, and roads, the financial and settlement systems are critical infrastructure that supports people’s lives and economic activity. If the financial and settlement systems as a whole had ceased to function normally, the adverse effects on people’s lives and economic activity probably would have been even greater.
1st challenge: AML/CFT First of all, after all that happened last year, I cannot speak about banking supervision in general without mentioning AML/CFT. Last year, a significant number of banks came under public and political scrutiny, because they failed to fulfill their role as gate-keepers in the fight against financial crime.