Inspection will first be carried 2  BIS Review 29/2007  out on all life insurance companies, followed by non-life insurance companies. A report similar in nature to the one compiled by the Banking Supervision Department will be prepared subsequently. Support and coordination from the business sector is expected. In the past year, we actively participated in the MSAR government trans-departmental AML taskforce.
We will do all we can to support the banks’ safety and soundness and eliminate unnecessary costs. Despite economic uncertainties, the condition of community banks is improving. That’s good news not only for banks, but for their communities and the national economy as well. Thanks, and enjoy the rest of your meetings. BIS central bankers’ speeches  3