Back records for financial institutions and banks

50 pts.
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Data Center
Financials
Are there international standards which make it mandatory for financial institutions and banks, which accept public funds to maintain off-site records, in the event of a catastrophe at their data center?

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I ASKED THE QUESTION ORIGINALLY AND FEEL STRONGLY THAT BANKS BY THEIR VERY NATURE OF BEING TRUSTEES FOR THE PUBLIC’S FUNDS SHOULD COME UNDER INTERNATIONAL CONTROL.  E.G.  International regulatory framework for banks (Basel III) is a comprehensive set of reform measures, developed by the Basel Committee on Banking Supervision, to strengthen the regulation, supervision and risk management of the banking sector.


ADDITIONALLY, The Bank for International Settlements and the Basel Committee on Banking Supervision jointly created the Financial Stability Institute (FSI) in 1999 to assist financial sector supervisors around the world in improving and strengthening their financial systems.


MY QUESTION IS WHETHER THERE IS A SET OF INTERNATIONAL RULES COVERING RECORDS MANAGEMENT TO PREVENT A BANK FROM DESTROYING RECORDS OF THEIR LIABILITY TO THEIR CUSTOMERS, THEREBY CREATING CHAOS AS NO ONE COULD RECONSTRUCT AND DETERMINE THE EXACT AMOUNT OWED TO THESE CUSTOMERS.

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  • TomLiotta
    There would be no way to enforce "international standards" that make anything "mandatory" for them. There can be mandated requirements for well-defined entities in well-defined jurisdictions. Please rephrase your question to help us understand what problem you are having. -- Tom
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  • TomLiotta

    Are you aware that this isn't a "financial" site? You'll probably have better luck by finding a site that is related to international banking.

    Now, you did change your question when you typed into the 'Answer' box. You dropped the word "mandatory", so a lot changes.

    There's also a different emphasis on how you use "public". Originally it looked as if you were asking about possible taxpayer funding of some sort. Now, it seems more clear that you're simply interested in the general public acting as customer depositors.

    Regardless, as far "international" goes, you might simply review how the Swiss banking system works in international trade. I don't doubt that they generally know every detail of customer accounts and that they have backups. It's far less likely that they do it because of rules that are set by an external body.

    Note that that's separate from any rules involving international funds transfers. Participation in clearing-house transactions is definitely covered by rules and regulations involving international agreements.

    But there is no way to know if the 'Bank of Jose' in Port-of-Spain, Trinidad, has any backups at all. They might have no records other than what's written into paper ledgers and customer pass-books.

    And there is no way for any international body to force such a bank to do otherwise. It simply can't be done as the world is today. Sovereign nations are in control of their own financial systems.

    Tom.

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  • CharlieBrowne

    You asked a similar question last month.

    You are at the wrong site to get this type of information. We answer IT Technical questions here.

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  • AdZone

    You might get an answer from archives that's where most important Data is stored.

    There's also a law in which to apply for Data pertaining to Customers Bank Records,

    feel free to contact me for more information on a private link, as this link is for IT.

     

     

     

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