Basel Committee on Banking Supervision
|Basel Committee on Banking Supervision (BCBS)|
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The Basel Committee on Banking Supervision provides a forum for regular cooperation on banking supervisory matters. Its objective is to enhance understanding of key supervisory issues and improve the quality of banking supervision worldwide. The Basel Committee usually meets four times per year. It has four main working groups which also meet regularly.
The Committee's members come from Belgium, Canada, France, Germany, Italy, Japan, Luxembourg, the Netherlands, Spain, Sweden, Switzerland, the United Kingdom and the United States. The current Chairman of the Committee is Stefan Ingves, Governor of Sveriges Riksbank, the central bank of Sweden.
In March 2019, the BCBS published a statement saying that cryptocurrency poses a potential risk for worldwide banks. The potential risks it listed were liquidity, credit, market risks, operational risks, AML/KYC risks, and the risk of funding terrorists and criminals. The BCBS said that institutions should, "at a minimum," carry out extensive due diligence and disclose any exposure to crypto assets to minimize the risks, the committee said. It also recommended that banks should develop risk management frameworks that can be "fully integrated" into banks' existing risk management processes.
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