top of page


Updated: Nov 9, 2023

A Report by CYS Global Remit Transaction Monitoring Unit

In an exciting collaboration, the Bank for International Settlements (BIS), alongside multiple central banks, including the Monetary Authority of Singapore (MAS), has launched Project Mandala. This innovative project is set to explore the possibility of harmonizing jurisdiction-specific policies and regulatory requirements into a unified protocol, aiming to simplify cross-border scenarios like foreign direct investments, borrowing, and payments.

CYS Global Remit Transaction Monitoring Unit is set up to detect and prevent financial crimes using computer programs in a systematic approach to continuously and efficiently monitor payment transactions, particularly in the cross-border sector. It involves the use of computer applications, algorithms, and data analysis to detect and flag suspicious or unusual transactions in real-time or near-real-time.

One of the significant challenges in achieving smooth cross-border payments is the inconsistency in policy and regulatory frameworks across different regions. These disparities often result in longer transaction times, increased regulatory compliance complexities, and a general sense of uncertainty among all stakeholders involved.

While Project Mandala, led by the BIS Innovation Hub (BISIH) Singapore Centre in collaboration with esteemed institutions such as the Reserve Bank of Australia (RBA), Bank of Korea (BOK), Bank Negara Malaysia (BNM), and MAS, is on a mission to tackle these issues head-on. The primary goal is to automate compliance processes, establish real-time transaction monitoring capabilities, and offer a more transparent view of country-specific regulations.

This ground-breaking initiative is built upon the invaluable insights gained from Project Dunbar, which focused on creating a multi-central bank digital currency platform. The proposed design, centered around compliance, has the potential to streamline cross-border transfers of various digital assets, including Central Bank Digital Currencies (CBDCs) and tokenized deposits. Moreover, it could lay the groundwork for both emerging and existing payment systems, propelling us into a new era of financial interaction.

The journey towards this unified system may involve well-defined foreign exchange regulations and robust measures against money laundering and terrorist financing. It's crucial to note that Project Mandala's objectives are closely aligned with the Financial Stability Board's 2023 goals and resonate with the G20's vision of enhancing cross-border payments. This vision hinges on fostering an effective legal and regulatory environment while upholding the utmost security and integrity.

Through our participation in Project Mandala, CYS Global Remit and other major payment institutions can contribute to creating a more secure and trustworthy cross-border payment environment. This aligns seamlessly with our industry's overarching mission of combatting fraud and ensuring the unwavering integrity of financial transactions.

Stay tuned for further updates on this exciting endeavour, as we collectively pave the way for a future where cross-border payments are simpler, faster, and more secure than ever before.


20 views0 comments


bottom of page