BIS and Central Bank Partners to Explore Protocols for Embedding Policy and Regulatory Compliance in Cross-border Transactions

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Summary:

Project Mandala is a joint initiative by the Bank for International Settlements (BIS) Innovation Hub, Reserve Bank of Australia (RBA), Bank of Korea (BOK), Bank Negara Malaysia (BNM), and Monetary Authority of Singapore (MAS) to automate compliance procedures, provide real-time transaction monitoring, and increase transparency and visibility around country-specific policies. The project explores the feasibility of encoding policy and regulatory requirements into a common protocol for cross-border use cases, aiming to ease the policy and regulatory compliance burden and promote efficient cross-border transactions.