Regulation
RBI to formulate policies to curb money laundering
INDIA - The Reserve Bank of India is in the process of formulating policy, procedures and controls required by banks to check the possible use of the financial system for money laundering and financing of terrorism, according to Mr Vepa Kamesam, Deputy…
RBA Media Release
MEDIA RELEASE - Changes to financial sanctions, 2 September.
Nigerian central bank tackles money laundering
NIGERIA - As the war on money laundering intensifies in Nigeria, the Central Bank of Nigeria has given local banks until the end of September to clean up their acts or face severe sanctions.
Nigerian central bank tackles money laundering
NIGERIA - As the war on money laundering intensifies in Nigeria, the Central Bank of Nigeria has given local banks until the end of September to clean up their acts or face severe sanctions, reports Business Day.
West African central bank suffers armed robbery
IVORY COAST - Armed robbers have raided the high-security central bank of Western Africa in Ivory Coast and stolen 2.6bn CFA francs ($3.8m).
BIS Press Release
PRESS RELEASE - Basel Committee releases survey on internal audit in banks, 28 August. The Basel Committee on Banking Supervision is today publishing the results of a survey of internal audit issues in banks in 13 countries utilising the framework of the…
Basel Committee Publications No. 92
REPORT - Internal Audit in Banks and the Supervisor's Relationship with Auditors: A Survey, August 2002. The survey, conducted by the Basel Committee's Accounting Task Force, found widespread endorsement of the key internal audit principles identified by…
BIS promotes solid bank audits in wake of scandals
SWITZERLAND - Accounting scandals that have plagued the U.S. corporate scene have highlighted the need for banks to have rigorous internal audit functions, the Bank of International Settlements (BIS) said on Wednesday in a report.
China to advise North Korean central bankers
UK - North Korea has sent a delegation of central bank officials to study China's financial system and commercial banking in one of the first signs that Pyongyang may be considering much needed financial reform.
Speech by David Carse of the HKMA, 23 Aug
SPEECH - Carse used the speech titled 'Anti-Money Laundering and the Role of Supervision' to highlight some of the issues being addressed during a review of the HKMA's 1997 anti-money laundering guidelines in the light of recent developments.
Bank Italia to out source some activities
ITALY - Italian central bank Bank Italia has decided to authorise the outsourcing of over-the-counter banking activities. Banks may use their own branches or call in outside firms specialising in call centre management.
Union threatens Bank of Spain over branch closure
SPAIN - UGT, the Spanish union, has threatened to take the Bank of Spain to court and sue over the plan to close 30 branches of the central bank.
China plans crackdown on capital flight
CHINA - China plans a concerted effort to stop its officials spiriting state funds abroad through an expanding repertoire of illegal activity, officials have said.
Russia and China's central banks sign joint accord
RUSSIA - The Central Bank of Russia and the People's Bank of China on Thursday signed an accord on inter-bank settlements in border areas.
Sticky prices: the impact of regulation
RESEARCH - The Journal of Monetary Economics, May 2002, contains a paper, 'Sticky prices: the impact of regulation'. The paper finds that approximately one-third of the items in the CPI are governed by price regulations that can slow and add noise to the…
Polish Statute questioned by Banking Supervisor
POLAND - Bank Gospodarki Zywnosciowej (BGZ) statute changes that would give the Polish state treasury a privileged position among shareholders have been challenged by the central bank president Leszek Balcerowicz, who also chairs the Banking Supervisory…
CLS bank waits on Fed approval for FX settlement
UK - Settlement bank CLS, aiming to provide a global system to cut risk in settling currency deals, hopes for regulatory approval next month for a full commercial start in the last quarter of this year, Reuters reports a spokesman as saying.
Financial Stability Review, 2002, from the NBB
ANNUAL REVIEW - Financial Stability Review, 2002 Issue 1, from the National Bank of Belgium. The review says that the diversity of topics covered in this first FSR illustrates that financial stability issues have to be studied from a wide variety of…
Hungary president blocks probe on secret services
HUNGARY - Hungary's state president and the head of the central bank have become embroiled in growing controversy over Communist-era links with the secret services.
Can Basel II be made to work?
ARTICLE - Latest developments in the progress of the Basel II Capital Accord have raised concerns by both US and European parties that its complexity will lead to unequal treatment. The Banker magazine, in its August 2002 edition, examines the issue and…
FSA open secret anti-terrorist bunker in London
UK - The UK financial watchdog has opened an emergency headquarters to keep the financial heart of the capital beating in case of a major terrorist attack on London.
Hungary's Jarai admits reporting to secret service
HUNGARY - The chairman of the National Bank of Hungary Zsigmond Jarai yesterday protested against publishing his personal data, but today, he gave a statement to a Hungarian newspaper. The report comes from BBC monitoring.
Singapore central bank to revise structure
SINGAPORE - The Monetary Authority of Singapore said on Thursday it will introduce several structural changes "to more clearly align the organisation's resources and objectives."
Iran's economy minister threatens to resign
IRAN - Iran's Minister of Economy and Financial Affairs Tahmasb Mazaheri has threatened that he would resign if the Governor of the Central Bank of Iran (CBI) Mohsen Nurbakhsh is not removed from office, press reported Wednesday.