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Cross-border financial transaction compliance can be streamlined with Project Mandala, BIS says

( October 28, 2024, 17:24 GMT | Official Statement) -- MLex Summary: The Bank for International Settlements and its central bank partners published a report on their experimental project, Project Mandala, which aims to increase the speed and efficiency of cross-border transactions by easing the regulatory compliance burden across jurisdictions. "Project Mandala successfully demonstrates the automation of compliance procedures for cross-border financial transactions," BIS said. The project developed a "compliance-by-design decentralized system that could help streamline cross-border payments by embedding regulatory compliance within a network of financial institutions and central banks," BIS added.Press release follows. Report attached....

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