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A financial institution, sometimes called a banking institution, is a business entity that provides service as an intermediary for different types of financial monetary transactions. Broadly speaking, there are three major types of financial institution: [ 1 ] [ 2 ]
In 2009, as a regulatory response to the revealed vulnerability of the banking sector in the financial crisis of 2007–08, and attempting to come up with a solution to solve the "too big to fail" interdependence between G-SIFIs and the economy of sovereign states, the Financial Stability Board (FSB) started to develop a method to identify G-SIFIs to which a set of stricter requirements would ...
Styles of financial institution include credit union, bank, savings and loan association, trust company, building society, brokerage firm, payment processor, many types of broker, and some government-sponsored enterprise. [1] Financial services include accountancy, investment banking, investment management, and personal asset management.
An international financial institution (IFI) is a financial institution that has been established (or chartered) by more than one country, and hence is subject to international law. Its owners or shareholders are generally national governments, although other international institutions and other organizations occasionally figure as shareholders.
Some types of financial institutions, such as building societies and credit unions, may be partly or wholly exempt from bank license requirements, and therefore regulated under separate rules. The requirements for the issue of a bank license vary between jurisdictions but typically include: Minimum capital; Minimum capital ratio
At its core, financial transparency requires financial institutions to implement certain basic controls: [7] they must know who their customers are (so-called know your customer rules); they must understand their customers' normal and expected transactions; and they must keep the necessary records and make the necessary reports on their customers.
A financial intermediary is an institution or individual that serves as a "middleman" among diverse parties in order to facilitate financial transactions.Common types include commercial banks, investment banks, stockbrokers, insurance and pension funds, pooled investment funds, leasing companies, and stock exchanges.
The following is a list of the world's largest publicly traded financial services companies, ordered by annual sales for the latest Fiscal Year in millions of U.S. dollars according to the Fortune Global 500. (Currently the top 50 public companies are included, while privately held companies are not included).