Russian Federation: Financial Sector Assessment Program: Detailed Assessment of Observance Basel Core Principles for Effective Banking Supervision (BCP)
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Summary:
This paper evaluates observance of the Basel Core Principles for Effective Banking Supervision in the Russian Federation. The legal framework currently in place provides the Central Bank of Russia (CBR) with necessary powers and responsibilities. The CBR may authorize banks, conduct ongoing supervision, oversee compliance with laws, and undertake corrective action to address safety and soundness. Major new reforms increase many aspects of the CBR’s duties and powers, although implementation has not yet been tested in all cases. The Russian licensing regime for banks appears exhaustive. However, the legal regime for major acquisitions was found to be weak.
Series:
Country Report No. 2016/303
Subject:
Anti-money laundering and combating the financing of terrorism (AML/CFT) Bank legislation Banking Correspondent banking Credit Crime Financial regulation and supervision Financial services Internal controls Money Revenue administration
English
Publication Date:
September 22, 2016
ISBN/ISSN:
9781475538410/1934-7685
Stock No:
1RUSEA2016006
Pages:
257
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