scholarly journals Ghana

2020 ◽  
pp. 147-173
Author(s):  
Emily Jones
Keyword(s):  
West Africa ◽  
International Finance ◽  
Financial Services ◽  
Banking Sector ◽  
Party Politics ◽  
Major Elements ◽  
International Standards ◽  
Radical Reform ◽  
Policy Priority

In Ghana the stop-start dynamics of Basel implementation reflects party politics. Moves to implement Basel and other international standards have coincided with periods when the New Patriotic Party (NPP) has been in office. The NPP has a vision for positioning Ghana as a financial services hub for West Africa and strong ideological and material connections to international finance. In 2017 the NPP government embarked on a radical reform of the banking sector, implementing major elements of Basel II and III and catapulting Ghana to among the most ambitious implementers of Basel standards among our case study countries. In contrast, the National Democratic Congress (NDC) focused on directing finance to the productive sectors of the economy and supporting indigenous banks, and the implementation of international standards was not a policy priority during their periods in office.

scholarly journals Pakistan

2020 ◽  
pp. 105-125
Author(s):  
Natalya Naqvi
Keyword(s):  
World Bank ◽  
Financial Services ◽  
Banking Sector ◽  
Basel Ii ◽  
International Standards ◽  
Basel Iii ◽  
The World Bank ◽  
The World ◽  
Over Time

Pakistan has the highest level of implementation among our case study countries. The impetus for converging on international standards has come from different actors over time. The adoption of Basel I adoption in the 1980s was driven by the World Bank and IMF. In the 1990s and early 2000s, the adoption of Basel II was driven first by politicians promoting the expansion of financial services, and then by banking sector regulators. Most recently, as banks have internationalized, they have championed the implementation of Basel III. Pakistan is one of the few cases where all three major actors—politicians, regulators, and major banks—are now aligned behind the implementation of the standards, leading to a high and ambitious level of implementation.

scholarly journals Demonetisation Impact over Banking Loans & Advances: A Case Study

2019 ◽  
Vol 7 (4) ◽  
pp. 51-64
Author(s):  
Narsaiah Neralla
Keyword(s):  
Financial Services ◽  
Banking Sector ◽  
Study Data ◽  
Ecosystem Dynamics ◽  
Banking Services ◽  
Legal Tender ◽  
The Status ◽  
The Government ◽  
Case Study Data

The demonetisation footstep by the Government of India twisted complicated influences in the economy. Complete sectors of the economy had faced and produced mixed sensation results over the decision of demonetisation. India’s financial services struggled with demonetisation; on the other hand demonetisation affects utmost over the banking sector because it is substantial influenced services to transform money circulation in an Indian economy. Eradicating components of currency notes from circulation in an economy is demonetisation. It is as the processes of components of money are denied the status of legal tender. Consequently, ceased currency notes will not be account as valid currency in an economy. The term ‘demonetization’ is an instrument to shrink Inflation, Black Money, Corruption and terror funding, this step discourages a cash dependent economy in India. Government of India drive towards demonetisation has given a strong push to the popularity of digital banking and made helps with the alternative arrangements of e-banking and e –wallet to trade and commerce. Exploring the demonetisation emergence in an economy and impact on banking services ecosystem dynamics, this study take an abductive approach anchored in over 4 years of case study data regarding. The present study foremost intention is to be analysing the demonetisation impact over banking loans and advances. In this regard the present study is to be examining the pre demonetisation and post demonetisation period.

scholarly journals Comparison of Indonesian Banking Regulation for Integrated Governance, Risk Management, Compliance with Its ISO Counterparts

2021 ◽  
Vol 1 (5) ◽  
pp. 84-96
Author(s):  
Nitha Pricillia
Keyword(s):  
Risk Management ◽  
Financial Services ◽  
Banking Industry ◽  
Banking Regulation ◽  
International Standards ◽  
Iso Standards ◽  
Banking Regulations ◽  
Iso 31000 ◽  
Governance Risk

The research is aiming at obtaining understanding and assurance whether the regulation of Indonesia Financial Services Authority (orOtoritas Jasa Keuangan/OJK) for banking industry on Governance, Risk Management, and Compliance (GRC) in Indonesia are compatible with the requirements and suggested practices of ISO 37000/DIS on Governance, ISO 31000:2018 Risk Management, and ISO 37301: Compliance Management as international standards for Governance, Risk, and Compliance (GRC). The regulatory requirements as set forth by Indonesian FSA to banking industry for integrated GRC have all been compatible with all the elements of ISO 37000, ISO 31000:2018, and ISO 37301. This study utilizes a comparative study method, which is conducted by assessing the similarities and differences between two standards or regulations, or in this study, between Indonesia Financial Services Authority Regulation, or Peraturan Otoritas Jasa Keuangan (POJK) on Governance, Risk Management and Compliance (GRC), with their ISO Standards counterparts. The result is expected to show the degree of fitness of Indonesian banking regulations with these ISO standards. There is only a very small number of studies have been done in the light of calibrating the Indonesian banking regulation in Governance, Risk Management and Compliance (GRC) with their ISO counterparts. Therefore, the result of this paper could be used as generic inputs and considerations for banks which have initiated their integrated GRC practices, and/or just recently commenced, and/or improving their practices more effectively. Whereas the study provides general understanding and assurance of the compatibility, it is not supported yet by empirical evidence of how banks practically exercise the implementation of integrated GRC based on ISO 37000, ISO 31000, and ISO 37301 and how do they conduct calibration efforts to its efficacy. Therefore, it is recommended to conduct such empirical case study in several banks in Indonesia as further study. Further, a field study such as interviews and surveys with Indonesian banking professionals could also be performed to provide additional perspectives on how integrated GRC is implemented in Indonesian banking.

scholarly journals Alternative Systems for Managing Financial Transactions in Humanitarian Crises

2021 ◽  
Author(s):  
Kelbesa Megersa
Keyword(s):  
Financial Services ◽  
Banking Sector ◽  
Response Times ◽  
Humanitarian Assistance ◽  
International Standards ◽  
Flow Of Funds ◽  
Life Saving ◽  
Humanitarian Crises ◽  
Financial Transactions ◽  
Transfer Channels

Restrictions on the banking sector are having a growing adverse impact on the flow of funds to humanitarian agencies and assisting communities affected by humanitarian crises has also become much more difficult and costly. Delays, refusals of transactions by financial institutions and outright bank account closures worsen humanitarian crises by delaying aid distribution response times. The inability to channel funds and critical financial services into countries in humanitarian crisis prevents life-saving humanitarian assistance from reaching those who need it most. The absence of legal transfer channels means the financing vacuum is often filled by illicit means, which can facilitate the spread of crime and corruption (ODI, 2021). Humanitarian organisations have turned to a variety of transaction channels due to disruptions in legitimate transfer mechanisms. Without these alternative money transfer channels humanitarian organisations have been unable to run some parts of their programming. These alternatives means of obtaining funds requires humanitarian organisations to enter into less regulated financial agreements that are not subject to international standards.

Risk of money laundering in the US: HSBC case study

2016 ◽  
Vol 19 (3) ◽  
pp. 225-237 ◽  
Author(s):  
Mohammed Ahmad Naheem
Keyword(s):  
Risk Assessment ◽  
Money Laundering ◽  
Corporate Culture ◽  
Financial Services ◽  
Banking Sector ◽  
Internal Audit ◽  
Governance Structure ◽  
Content Type ◽  
Global Banking

Purpose This paper uses a case study approach using the Permanent Sub Committee on Investigations (PSI) report on HBUS to determine where gaps in anti-money laundering (AML) regulation and compliance are within the banking sector. Design/methodology/approach The PSI highlighted five areas of serious weakness and fundamental flaws in the HBUS AML risk assessment. This paper examines the governance response that led to these weaknesses and applies a rationale decision-making theoretical framework to explain it. Findings The report found that corporate culture and attitude at the governance level were key factors in the difficulties that HBUS faced. Research limitations/implications This paper focuses on one case, albeit one of the largest banks in the global banking sector. Although generalisations are limited, the report does highlight areas to consider with all banks. Practical implications The implications that are identified are aimed at banks and auditing firms that have to work alongside governance structure within banks. The role of internal audit is raised and has future implications for how risk assessment is undertaken and how AML compliance frameworks are devised and reported on. Social implications A stronger social corporate responsibility attitude is suggested that considers the wider social impacts of supporting criminal transactions, even inadvertently, by inappropriate and under-resourced AML risk-assessment frameworks. Originality/value The detailed analysis of one case that considers the governance response to AML regulation is new in this paper, and the detailed recommendations for improving and developing stronger AML risk-assessment frameworks apply to the banking, financial services and auditing professions.

scholarly journals DEMONETIZATION IMPACT OVER BANKING LOANS & ADVANCES-A CASE STUDY

2019 ◽  
Vol 9 (1) ◽  
pp. 17-32
Author(s):  
Neralla NARSAIAH ◽  
Keyword(s):  
Financial Services ◽  
Banking Sector ◽  
Study Data ◽  
Ecosystem Dynamics ◽  
Banking Services ◽  
Legal Tender ◽  
The Status ◽  
The Government ◽  
Case Study Data

The demonetization footstep by the Government of India twisted complicated influences in the economy. Complete sectors of the economy had faced and produced mixed sensation results over the decision of demonetization. India’s financial services struggled with demonetization; on the other hand, demonetization affects utmost over the banking sector because it is substantial influenced services to transform money circulation in an Indian economy. Eradicating components of currency notes from circulation in an economy is demonetization. It is as the processes of components of money are denied the status of legal tender. Consequently, ceased currency notes will not be account as valid currency in an economy. The term ‘demonetization’ is an instrument to shrink Inflation, Black Money, Corruption and terror funding, this step discourages a cash dependent economy in India. Government of India drive towards demonetization has given a strong push to the popularity of digital banking and made helps with the alternative arrangements of e-banking and e –wallet to trade and commerce. Exploring the demonetization emergence in an economy and impact on banking services ecosystem dynamics, this study take an abductive approach anchored in over 4 years of case study data regarding. The present study foremost intention is to be analyzing the demonetization impact over banking loans and advances. In this regard the present study is to be examining the pre demonetization and post demonetization period

scholarly journals The Interaction between Banking Sector and Financial Technology Companies: Qualitative Assessment—A Case of Lithuania

Risks ◽  
2021 ◽  
Vol 9 (1) ◽  
pp. 21
Author(s):  
Ruihui Pu ◽  
Deimante Teresiene ◽  
Ina Pieczulis ◽  
Jie Kong ◽  
Xiao-Guang Yue
Keyword(s):  
Financial Services ◽  
Banking Sector ◽  
Qualitative Assessment ◽  
Disruptive Effect ◽  
Statistical Parameters ◽  
Correlation And Regression Analysis ◽  
Political Economic ◽  
Financial Technology

The role of financial technology companies increases every day. From one side this process generates more possibilities for consumers from other side it is related with new risks which arise in banking sector. At the beginning of FinTech era lots of analyst were discussing about disruptive potential in financial services. Later, however, we can see more discussions about cooperation between FinTech companies and banks. The other point which is very important to discuss about is a financial inclusion. The purpose of this study is to analyze the interaction between banking sector and FinTech companies. We use a case study of Lithuania because here FinTech sector is growing very intensively. First of all we try to analyze the scientific literature which analyzes the main aspects of FinTech sector. The second part of the article provides the progress of the FinTech sector and presents the main points of methodology. The research of the FinTech sector in Lithuania was focused on strengths, weaknesses, opportunities, and threats (SWOT) and political, economic, social, technological, environmental, legal (PESTEL) analysis and main statistical parameters. We also used a correlation and regression analysis together with qualitative assessments. Our results showed that in order to value the interaction between banking and financial technology better to focus on qualitative assessment because only statistical analysis can give different and wrong results. We identified that both sectors interact with each other and there is no a disruptive effect of FinTech in Lithuania.

Bank of America: Consumers Fight Back

2016 ◽  
pp. 1-12
Author(s):  
Russell Walker
Keyword(s):  
Financial Services ◽  
Large Scale ◽  
Banking Sector ◽  
Public Affairs ◽  
Legal Action ◽  
Wall Street ◽  
The Public ◽  
Competing Interests ◽  
Public Critique

On October 6, 2011, President Barack Obama publicly scolded Bank of America for developing a new revenue stream: a $5 monthly fee for all Bank of America debit card holders, which the bank had announced a month earlier. It was a strategy for replacing lost “swipe fee” revenue following the passage of the Dodd-Frank Act and accompanying Durbin Amendment, which capped swipe fees at 21 cents per transaction. This was the culmination of three tumultuous years for the world's largest financial services firm, but would not be the end of its public affairs challenges. The president's public critique of Bank of America came in response to and helped exacerbate consumer anger about the bank's monthly fee, changes across the banking sector, and general discontent with Wall Street. Bank of America's situation was complicated further by ongoing legal action following acquisitions of Merrill Lynch and Countrywide, which hurt the firm's shareholders and led to large-scale employee layoffs. In this case study, students will be challenged to analyze how Bank of America could have better managed the competing interests of different stakeholders, including shareholders, employees, regulators, customers, and the public.

scholarly journals A Case Study in Crisis Management in the Digital Transformation Era: Wells Fargo & Company

2021 ◽  
Vol 6 (4) ◽  
pp. 127-130
Author(s):  
Wenjing Wang ◽  
Arthur S. Guarino
Keyword(s):  
Crisis Management ◽  
Financial Services ◽  
Banking Sector ◽  
Management Strategies ◽  
Digital Transformation ◽  
Share Price ◽  
Credit Crisis ◽  
Business World ◽  
Financial Scandals

This case study deals with one of the biggest financial scandals in the new millennium among the banking sector in which the banking giant, Wells Fargo & Company (WFC), has opened millions of accounts without acknowledging its customers. It has been charging various fees without the consent of the company's existing clients, and it has involved many people with the personal credit crisis. On the contrary, senior management team was rewarded enormously for the rocketing profits resulting from the phony accounts numerous fees and elevated the bank's share price in a relatively short time. After the accounts scandal was unveiled by its employees and reported by the media, Wells Fargo's reputation was in great danger. While reputation is vital for almost all companies, it is especially essential for the financial services industry, where reputation is a deep-rooted culture. Crisis management strategies in the new era of digital transformation for companies like Wells Fargo as well as other financial services companies are crucial. Risk management is essential in today's business world, but crisis management as contingent plans cannot be ignored since events are not always going as many think they would be.

scholarly journals Equivalence of Islamic Financial Literation Index with Islamic Financial Inclusion Index in The Islamic Banking Sector: A Case Study of DIY Society

2019 ◽  
Vol 10 (2) ◽  
pp. 255
Author(s):  
Miftakhul Khasanah
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Quantitative Methods ◽  
Banking Sector ◽  
Financial Inclusion ◽  
Public Access ◽  
Islamic Banking ◽  
Services Sector ◽  
The Relationship

<p><strong>Abstract:</strong> The purpose of this research is to find out and analyse the relationship between the Islamic financial literacy index and the Islamic financial inclusion index of the DIY community in the Islamic banking sector. The research uses descriptive quantitative methods. Data collection was carried out by distributing 663 questionnaires in the DIY province. The calculation of the index of Islamic financial literacy and inclusion was carried out by referring to the OJK calculation and Sharma method. From the results of the calculation of the Islamic financial literacy index in DIY Province, the results were 32.47% while the Islamic financial literacy index, specifically for the Islamic banking sector was 26.15%. This result is much higher than the calculation of the Islamic financial literacy index conducted by OJK in 2016. Financial literacy is closely related to financial inclusion so that there needs to be conformity and continuity between both of them. Achievement of financial literacy and inclusion strategies will be more efficient if carried out together so that the achievement of public access to the financial services sector can be done more optimally and can utilise financial products and services that are suitable to achieve sustainable economic prosperity.</p><p><strong>Abstrak:</strong> Tujuan dari penelitian ini adalah untuk mengetahui dan menganalisis keterkaitan antara indeks literasi keuangan syariah dan indeks inklusi keuangan syariah masyarakat DIY pada sektor perbankan Syariah. Penelitian menggunakan metode kuantitatif deskriptif. Pengumpulan data dilakukan dengan menyebarkan kuisioner di propinsi DIY. Perhitungan indeks literasi dan inklusi keuangan syariah dilakukan dengan merujuk pada perhitungan OJK dan metode Sharma. Dari hasil perhitungan indeks literasi keuangan Syariah di Propinsi DIY didapatkan hasil sebesar 32,47% sedangkan indeks literasi keuangan Syariah khusus untuk sektor perbankan syariah adalah 26,15%. Hasil ini jauh lebih tinggi daripada perhitungan indeks literasi keuangan syariah yang dilakukan OJK di DIY pada tahun 2016. Pencapaian strategi literasi dan inklusi keuangan akan lebih efisien jika dilakukan secara bersama-sama sehingga pencapaian akses masyarakat ke sektor jasa keuangan dapat dilakukan dengan lebih optimal dan dapat memanfaatkan produk dan layanan jasa keuangan yang sesuai untuk mencapai kesejahteraan keuangan yang berkelanjutan.</p>

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