Russian Federation: Financial Sector Assessment Program: Detailed Assessment of Observance Basel Core Principles for Effective Banking Supervision (BCP)

September 22, 2016

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Format: Chicago

Russian Federation: Financial Sector Assessment Program: Detailed Assessment of Observance Basel Core Principles for Effective Banking Supervision (BCP), (USA: International Monetary Fund, 2016) accessed December 21, 2024

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.

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

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Bank group, Bank legislation, Business strategy, Correspondent banking, CR, Credit, Credit institution, Global, Internal audit, Internal controls, ISCR, Risk management, Risk profile

Publication Details

Pages:

257
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2016/303
Stock No:

1RUSEA2016006
ISBN:

9781475538410
ISSN:

1934-7685

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