*  *  *  Distinguished officers and members of BAIPHIL (led by outgoing President Dolly Yuvienco and incoming President Lydia King), fellow bankers, co-workers in the BSP, special guests, good afternoon! I am pleased to join BAIPHIL today on the induction of its new set of officers.
Despite this progress, countries from the region still confront some of the following challenges: insufficient coordination among national agencies; underdeveloped tools for financial institutions to identify specific risks – including politically exposed persons and correspondent banking -; lack of  BIS Review 80/2005  3  adequate training at many levels – particularly, in terms of trained judicial officials -; difficulties in designing and implementing balanced regulations for remittance service providers and non-profit organizations and low supervisory capacity and limited resources – financial, human and technological.