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Banking in Switzerland dates to the early eighteenth century through Switzerland's merchant trade and has, over the centuries, grown into a complex, regulated, and international industry. Banking is seen as emblematic of Switzerland, along with the Swiss Alps, Swiss chocolate, watchmaking and mountaineering. Switzerland has a long, kindred history of banking secrecy and client confidentiality reaching back to the early 1700s. Starting as a way to protect wealthy European banking interests, Swiss banking secrecy was codified in 1934 with the passage of the landmark federal law, the Federal Act on Banks and Savings Banks. These laws, which were used to protect assets of persons being persecuted by Nazi authorities, have also been used by people and institutions seeking to illegally evade taxes, hide assets, or generally commit financial crime.
An offshore bank is a bank regulated under international banking license, which usually prohibits the bank from establishing any business activities in the jurisdiction of establishment. Due to less regulation and transparency, accounts with offshore banks were often used to hide undeclared income. Since the 1980s, jurisdictions that provide financial services to nonresidents on a big scale can be referred to as offshore financial centres. OFCs often also levy little or no corporation tax and/or personal income and high direct taxes such as duty, making the cost of living high.
Banking in Australia is dominated by four major banks: Commonwealth Bank, Westpac, Australia & New Zealand Banking Group and National Australia Bank. There are several smaller banks with a presence throughout the country, and a large number of other financial institutions, such as credit unions, building societies and mutual banks, which provide limited banking-type services and are described as authorised deposit-taking institutions (ADIs). Many large foreign banks have a presence, but few have a retail banking presence. The central bank is the Reserve Bank of Australia (RBA). The Australian government’s Financial Claims Scheme (FCS) guarantees deposits up to $250,000 per account-holder per ADI in the event of the ADI failing.
La Caixa, also known as the "La Caixa" Foundation, is a not-for-profit banking foundation based in eastern Spain. Originally a savings bank (caja), it reorganized in the 2000s and 2010s: Its commercial assets are managed under its subsidiary CriteriaCaixa, which also has partial ownership of La Caixa's old banking business CaixaBank; those are used to fund La Caixa's Obra Social — social, cultural, scientific, and civic projects for the public good.
In Spain, a savings bank is a financial institution that specializes in accepting savings deposits and granting loans. Spanish banks fall into two categories: Privately owned banks (bancos) and government owned banks. The original aim was to encourage thrift among the very poor, but they evolved to compete with and rival commercial banks.
The Spanish Confederation of Savings Banks is the representative body of savings banks in Spain.
Banco de Bogotá is the first commercial bank established in Colombia.
The National Bank of Panama (BNP) is one of two Panamanian government-owned banks. As of January 2009, it held deposits of about US$5 billion. The other government-owned bank is Caja de Ahorros de Panamá, with about US$1 billion in total deposits.
A non-banking financial institution (NBFI) or non-bank financial company (NBFC) is a financial institution that does not have a full banking license or is not supervised by a national or international banking regulatory agency. NBFC facilitate bank-related financial services, such as investment, risk pooling, contractual savings, and market brokering. Examples of these include insurance firms, pawn shops, cashier's check issuers, check cashing locations, payday lending, currency exchanges, and microloan organizations. Alan Greenspan has identified the role of NBFIs in strengthening an economy, as they provide "multiple alternatives to transform an economy's savings into capital investment which act as backup facilities should the primary form of intermediation fail."
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
The Bank of the Nation, known in Spanish as the Banco de la Nación, is the bank which represents the Peruvian government in financial transactions in both the public and private sectors, as well as at both domestic and international levels. It is a state institution, but it should not be confused with the Central Reserve Bank of Peru, the central bank which coins money. The BN belongs to the Peruvian Ministry of Economy and Finance. Its headquarters is located in the San Isidro District of Lima, the capital of Peru.
Caja de Ahorros del Mediterráneo was a Spanish savings bank in Alicante, Valencia.
Banesco Banco Universal C.A. is a Venezuelan financial institution whose principal branch is located in Caracas. The bank is part of the Asociación Bancaria de Venezuela.
Caixa de Aforros de Galicia, Vigo, Ourense e Pontevedra was the name of a short-lived Spanish savings bank based in Galicia. It was created following the forced merger of the two major savings banks in the region, Caixa Galicia and Caixanova. This new caixa for Galicia became the fourth-largest in Spain with consolidated assets valued at €78.1 billion, and fourth-largest in terms of savings accounts, with €108.4 billion - 6% of Spanish savings banks.
The Foreign Account Tax Compliance Act (FATCA) is a 2010 United States federal law requiring all non-U.S. foreign financial institutions (FFIs) to search their records for customers with indicia of a connection to the U.S., including indications in records of birth or prior residency in the U.S., or the like, and to report such assets and identities of such persons to the U.S. Department of the Treasury. FATCA also requires such persons to report their non-U.S. financial assets annually to the Internal Revenue Service (IRS) on form 8938, which is in addition to the older and further redundant requirement to report them annually to the Financial Crimes Enforcement Network (FinCEN) on form 114. Like U.S. income tax law, FATCA applies to U.S. residents and also to U.S. citizens and green card holders residing in other countries.
The Deposit Guarantee Fund is a fund financed by retail, cooperative, and savings banks as well as the Spanish central bank covering deposits in Spanish banks.
Banco del Estado de Chile, commercially operating under the brand BancoEstado, is the only Public Bank in Chile and was created by government decree in 1953. It provides financial services to consumers and companies, with a focus on national coverage in terms of geography and social sectors and a particular emphasis on the unbanked and small and medium enterprises, although it serves all types of businesses. It is the country's largest mortgage lender and largest issuer of debit cards. In addition, BancoEstado performs part of the Chilean government's financial activities through the accounts managed by the General Treasury of the Republic of Chile.
Sareb is the bad bank of the Spanish government. Its purpose is to manage and disinvest high-risk assets that were transferred to it from the four nationalized Spanish financial institutions. The company was formed in 2012.
The Common Reporting Standard (CRS) is an information standard for the Automatic Exchange Of Information (AEOI) regarding financial accounts on a global level, between tax authorities, which the Organisation for Economic Co-operation and Development (OECD) developed in 2014.
References
- 1 2 "Panama Has No Central Bank | Mises Institute". mises.org. Retrieved 2020-03-02.
- ↑ "Panama - Monetary Policy". country-data.com. Retrieved 2020-03-02.
- 1 2 3 "Macroeconomic Report - Panama" (pdf). United Nations Economic Commission for Latin America and the Caribbean. June 2012.
- ↑ Banking in Panama