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34th South Pacific Central Bank Governors’ Meeting

Summary:
The Reserve Bank of Australia hosted Governors from South Pacific Central Banks[1] on 19–20 November in Sydney on the occasion of the 34th South Pacific Central Bank Governors' Meeting[2]. Following constructive and detailed discussions, Governors agreed the following: as a collective, to prioritise an initial focus on a regional Know Your Customer (KYC) framework this framework would cover governance, technical and legal requirements in each jurisdiction that the International Monetary Fund would perform the Secretariat role for the KYC work program longer term, to seek service providers to operate within the framework. The second day of the

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The Reserve Bank of Australia hosted Governors from South Pacific Central Banks[1] on 19–20 November in Sydney on the occasion of the 34th South Pacific Central Bank Governors' Meeting[2].

Following constructive and detailed discussions, Governors agreed the following:

  • as a collective, to prioritise an initial focus on a regional Know Your Customer (KYC) framework
  • this framework would cover governance, technical and legal requirements in each jurisdiction
  • that the International Monetary Fund would perform the Secretariat role for the KYC work program
  • longer term, to seek service providers to operate within the framework.

The second day of the meeting was expanded to also include discussions by the Network for Greening the Financial System, incorporating the views of representatives from the central banks, insurers, international organisations and academic institutions.

Reserve Bank Australia
The Reserve Bank of Australia (RBA) came into being on 14 January 1960 as Australia's central bank and banknote issuing authority, when the Reserve Bank Act 1959 removed the central banking functions from the Commonwealth Bank. The bank has the responsibility of providing services to the Government of Australia in addition to also providing services to other central banks and official institutions. It currently consists of the Payments System Board, which governs the payments system policy of the bank, and the Reserve Bank Board, which governs all other monetary and banking policies of the bank.

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