In order to comply with RBNZ requirements, financial institutions in New Zealand must: Take a risk-based approach to the money laundering and terrorism financing threats they face.
Get Started Now. European Market Infrastructure Regulation Read more. Wolfsberg Group Read more. Egmont Group Read more. Request a Demo. Legislation even makes it clear that, should the Minister of Finance decide to amend the Policy Targets Agreement unilaterally, he or she can do that provided any amendment is made public.
Federal Reserve Board in Washington? No, that is not true. Central bank governors from all over the world meet at the BIS from time to time to discuss matters of common concern — how best to regulate and supervise commercial banks, how much equity capital commercial banks should have to reduce the risk of bank failure, and similar issues.
I myself attended meetings of central bank governors in Basel about once a year while I was Governor. The Reserve Bank of New Zealand has certainly adopted many of the commonly used international norms when regulating and supervising banks, but is under no legal obligation to do so.
There are a handful of central banks around the world which are partly owned by private shareholders, but they are in a very small minority and in all the cases I am aware of, the private shareholders have their rights strictly limited by legislation. The regional Federal Reserve Banks are largely owned by the hundreds of banks operating in each region, but by statute the Board of Governors in Washington has a majority of voting members on the Federal Open Market Committee, which decides US monetary policy.
The Swiss National Bank also has some private ownership but the largest single private shareholder in the Swiss National Bank holds just 6. Additionally, the Reserve Bank of New Zealand is responsible for regulating banks, insurers, and non-bank deposit takers such as credit unions.
As of May , there are 27 registered banks that it supervises. The bank is also responsible for overseeing and operating payment systems within the country.
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