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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here