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.
By doing so, banks are risking large fines for breaking the law, they run the risk of facilitating all kinds of crime that undermine the fabric of society, including terrorism and they are also undermining trust in the integrity of the financial sector. This has to change. And I have spoken at length with many of you about this.