These additional insights also lead to better quality of disclosures to relevant law enforcement agencies especially in relation to fraud, tax evasion and corruption crimes. The regulatory and law enforcement community is also in the midst of exploring introducing a Cash Transaction Limit (CTL) to complement the existing financial integrity measures. While new to Malaysia, many other countries such as France, Italy and India have already implemented it. This measure will further mitigate the abuse of cash by addressing the ease of conducting high-value cash transactions. Even with the rise of electronic payments, we cannot wash over the fact that criminals still prefer cash because it is widely accepted, anonymous in nature and untraceable. For this purpose, the National Coordination Committee to Counter Money Laundering (NCC) will be consulting the public on this proposal later this month. The NCC wants to make an informed decision. As such, we hope that all of you could get the word out and encourage the public to provide feedback on the proposed measure. Closing As a regulator, Bank Negara can only do so much to protect the financial system against money laundering and terrorism financing risk. Reporting institutions, as responsible corporate citizens, must also play their parts to safeguard the financial system and economy. Our hope is that over these two days, participants at this conference will draw new insights and perspectives, forge new networks, and strengthen their resolve in carrying out this important mission to uphold the integrity and the trust of the people in our financial system.
We believe that the industry is ready to build and expand its capacity in this area. While we are moving to being more risk-based, there is still a lot more to be done. This includes educating everyone in the industry that “risk-based” does not mean “total risk aversion”. While it is crucial to protect our financial system from being abused, it is also necessary for financial institutions to serve their roles and purposes in the economy and for the society. Accordingly, the new 1/3  BIS central bankers' speeches  regulatory framework demands reporting institutions to take greater ownership of their individual AML/CFT frameworks. Reporting institutions must strengthen their internal governance and controls to preserve financial integrity, not because Bank Negara tells them so, but because it is the right thing to do. This demands a high level of maturity by the industry. For individual institutions which have established a mature control environment, there will be greater latitude to design control frameworks in a way that is more operationally flexible. On the other hand, for individual institutions who are not quite there yet, the new framework raises the compliance bar, calling for them to strengthen awareness, governance and processes to ensure they have the capabilities to preserve integrity of the financial system. On this point, I wish to applaud the Financial Services Professional Board (FSPB) on its recent publication of standards on whistleblowing and on managing conflicts of interest.