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

International Monetary Fund

No 2016/303, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; credit institution; risk management; bank group; business strategy; internal audit; risk profile; Correspondent banking; Credit; Internal controls; Bank legislation; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global (search for similar items in EconPapers)
Pages: 257
Date: 2016-09-22
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