▲ This undated file photo shows the Bank of Korea's headquarters in central Seoul. (Yonhap)

BOK-cross-border transactions project

BOK, BIS, other central banks seek to launch cross-border transaction project

SEOUL, Oct. 6 (Yonhap) -- South Korea's central bank said Friday that, along with the Bank for International Settlements (BIS) and other central banks, it will launch a project together to automate compliance procedures and offer real-time monitoring in cross-border transactions.

In a statement, the Bank of Korea (BOK) said BIS Innovation Hub Singapore Centre, Reserve Bank of Australia, the BOK, Bank Negara Malaysia and Monetary Authority of Singapor will launch a project, dubbed Project Mandala, which explores the feasibility of encoding jurisdiction-specific policy and regulatory requirements into a common protocol for cross-border use cases, such as foreign direct investment, borrowing and payments.

Project Mandala seeks to ease the policy and regulatory compliance burden by automating compliance procedures, providing real-time transaction monitoring, and increasing transparency and visibility around country-specific policies, according to the BOK.

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