This is an informal community banking practice and thrives, as all economies do, large or small, on trust.
But the new moves do mean that Beijing will be able to keep a much closer eye on poor banking practice and local shenanigans.
's corporate and investment-banking practice in Asia.
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Meanwhile, Lord Turner, chairman of the FSA, questioned the practice of free banking in a recent speech, saying it discouraged competition between banks.
In court, Wegelin's managers said they knew it was wrong, but thought they would not be prosecuted because it was legal in Switzerland and common practice in Swiss banking.
In 1694 with the creation of the Bank of England, the practice of fractional reserve banking was given legal permission.
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"Public safety is paramount, " said Bernstein, managing partner of the Banking, Bankruptcy and Creditors' Rights Practice Group for Michigan-based Plunkett Cooney law firm.
Analysts, for instance will not attend investment banking pitches with bankers, which is now a common practice.
If this is considered generally accepted practice, then it also implies to the banking industry as a whole.
Prior to all these money laundering laws being enacted, I once heard it said that the practice of moving money around was simply referred to as banking.
In recent years criticism of banking secrecy has centred on the risk of money laundering, the practice of disguising funds from illegal sources by passing them through secret accounts until their origins can no longer be traced.
Theoretically, Japan has enough savings to do this but in practice the savings don't get intermediated through the banking and life insurance companies and the trust fund bureau and the post office savings account in sufficient quantities to buy these bonds.
"The evidence will show blatant conflicts of interest, " Dopp said, referring to the alleged practice of compensating analysts for flattering the companies they cover in a bid to land investment banking deals.
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