Schmidt-Bies justifies special regulatory attention on foreign banks

US banking supervisors are paying close attention to foreign banks' risk management systems because they are vulnerable to terrorist financing, money laundering and other customer fraud issues that tend to involve cross-border transactions, according to Susan Schmidt-Bies, member of the Federal Reserve Board of Governors.

Speaking at the Institute of International Bankers Annual Conference in Washington, DC in mid-March, Schmidt-Bies said apart from holding more than $3.5 trillion in banking and non-banking assets in the US, foreign banks manage complex international banking business with inherent risks, which must be mitigated through sophisticated enterprise-wide risk management and internal controls.

"International organisations face difficult questions of management and control across their

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