NBU and NBRK Agree to Cooperate in the Area of Banking Supervision
12.10.2018 16:56 | National bank of Ukraine
The
National Bank of Ukraine and the National Bank of the Republic of Kazakhstan
have agreed to cooperate in the area of banking supervision.
The
Governor of the National Bank of Ukraine Yakiv Smolii and the Governor of the National Bank of the
Republic of Kazakhstan Daniyar Akishev
signed a cooperation agreement on 12 October 2018 during the annual
International Monetary Fund (IMF) and World Bank (WB) summit that took place in
Nusa Dua (Bali, Indonesia).
The
agreement mainly aims to enable cooperation and exchange of supervisory
information.
In
particular, the agreement envisages cooperation regarding supervision over the
activities of parent organizations and their cross-border organizations, in
compliance with the requirements of the national laws of the countries. The
document also provides for information exchange in connection to financial
market indicators, changes in supervisory rules and requirements, as well as in
connection to licensing and supervision over parent undertakings and their
cross-border subsidiaries.
The
parties have also agreed to cooperate during inspections.
“Inspections
of cross-border institutions that are members of banking groups and bank
holding companies will be conducted by the supervisory authorities of the host
country, while inspections of their parent undertakings will be conducted by
the supervisory authorities of the home country,” the document says.
The agreement
also envisages exchange of information that relates to anti-money-laundering
and combatting the financing of terrorism. To that end, the supervisory
authorities of both countries have agreed to jointly organize events in order
to study and analyze identified AML/CFT schemes and suspicious transactions,
and will make a concerted effort to counteract such schemes and transactions.
“The
cooperation aims at effective performance of their functions and enhancing
reliability and stability of the banking systems of their countries,” the
agreement says.