As regulators, we need to be on top of these new risks. We need to understand these new financial products and services, and how they can be abused for criminal use. As regulators, we must enforce the FTR Act. That is our role. On the global scene, financial regulators have come down hard on banks that have failed to comply with anti-money laundering requirements.
And the closer we get to next year's European elections, the bigger the chance that divisive initiatives, like a capital markets union, end up in a drawer entirely. 2/3  BIS - Central bankers' speeches  Of course, central banks don't have a seat at the legislative table. But it is our obligation to be vocal about what is at stake.