The Bank for International Settlements (BIS), in collaboration with the central banks of Australia, Korea, Malaysia, and Singapore, is exploring the concept of integrating regulatory requirements into cross-border transactions. This initiative, known as Project Mandala, aims to address the challenges posed by the diverse policy and regulatory frameworks in different jurisdictions, which hinder the efficiency of cross-border payments.
The goal of Project Mandala is to streamline the compliance process by automating compliance procedures, offering real-time transaction monitoring, and enhancing transparency regarding country-specific policies. By doing so, it aims to alleviate the regulatory compliance burden across the payment chain, reduce the time required for cross-border transactions, and provide clarity to stakeholders.
This compliance-by-design architecture has the potential to facilitate more efficient cross-border transfers of digital assets, including central bank digital currencies (CBDCs) and tokenized deposits. Additionally, it could serve as a foundational compliance layer for both existing and emerging wholesale or retail payment systems.
The measures being explored include quantifiable and configurable foreign exchange rules, as well as anti-money laundering and countering the financing of terrorism (AML/CFT) measures. Project Mandala builds upon the insights gained from Project Dunbar, another BIS-led initiative that focused on developing an experimental multiple central bank digital currency (mCBDC) platform.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}