The Basel Committee’s importance to the banking sector makes it worthy of
further explanation. It is a committee of the International Regulations Bank and the
G10 Nations, responsible for guaranteeing the international stability of the banking
system, the safety of depositors, banks, shareholders and the whole economy, and
for setting univocal rules for all banks. The Basel Committee E-Banking Group
identified some important issues such as: authorisation, prudential standards,
transparency, privacy, money laundering, and cross border supervision. Details of
these recommendations may be found at http://www.bis.org/publ/bcbs28c.htm and
other related websites.