The financial industry is facing increasing regulatory requirements and supervisory scrutiny. We will step up efforts to ensure full compliance with the Wwft and Sanctions Law by the end of 2021. This includes the remediation of approximately 1,000 customer files. We will prepare for FMO’s compliance with the EU Sustainable Finance plan that will come into effect in 2021. We will also get ready for the discontinuation of the LIBOR after 2021. As the reform is an ongoing process, FMO is monitoring the markets to gradually decrease the uncertainties about the transition, process and timing. We have a robust action plan in place that outlines what we have to do and how we will communicate with our customers. The reform will lead to more transaction-based and more robust benchmarks. The focus on regulatory compliance limits our capacity to take on new customers in the first half of 2021.
We will further strengthen our internal governance structure. In 2021, we expect to welcome a new CEO and extend our Management Board. Employee engagement, wellbeing and the quality of our interactions will continue to be a focus. We will continue to harness the diversity of our workforce, further embed our values and behaviors, ensure equal opportunities and build a more inclusive workplace. The recently established Diversity and Inclusion Advisory Board will support the organization in driving the diversity and inclusion agenda. Furthermore, we will organize training and dialogue sessions for all employees focused on quality of interactions, wellbeing and FMO’s values and behaviors.