Media Release 34th South Pacific Central Bank Governors' Meeting

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.

Endnotes

Reserve Bank of Australia, Reserve Bank of Fiji, Reserve Bank of New Zealand, Bank of Papua New Guinea, Central Bank of Samoa, Central Bank of Solomon Islands, Banco Central de Timor-Leste, National Reserve Bank of Tonga, Reserve Bank of Vanuatu. [1]

Governors of South Pacific Central Banks have been meeting annually since the mid 1980s to discuss matters of importance to banking in the region. [2]