Editing SWIFT (section)

==Supervision==

SWIFT is not a [[payment system]] and thus neither regulated nor supervised as such, but is nevertheless deemed to be systemically important and thus under the "oversight" of public authorities. In 1998, the so-called [[Group of Ten (IMF)|Group of Ten]] central banks (those of [[National Bank of Belgium|Belgium]], [[Bank of Canada|Canada]], [[Bank of France|France]], [[Deutsche Bundesbank|Germany]], [[Bank of Italy|Italy]], [[Bank of Japan|Japan]], the [[De Nederlandsche Bank|Netherlands]], [[Sveriges Riksbank|Sweden]], [[Swiss National Bank|Switzerland]], the [[Bank of England|United Kingdom]], the [[Federal Reserve Board]] and the [[Federal Reserve Bank of New York]] for the U.S. and the [[European Central Bank]]) started acting as joint overseers, with the [[National Bank of Belgium]] (NBB) in a lead role. The oversight focuses primarily on systemic risk, confidentiality, infrastructure security, and business continuity.{{R|ScottZachariadis|p=43}} It is formalized in bilateral documents between the NBB and SWIFT on the one hand, and between the NBB and each of the other G10 central banks on the other hand.<ref>{{citation |title=The oversight of SWIFT: Objectives, scope and structure |url=https://www.ecb.europa.eu/press/financial-stability-publications/fsr/focus/2005/pdf/ecb~d573ca68c6.fsrbox200512_18.pdf |date=December 2005 |publisher=European Central Bank}}</ref> In 2018, the [[International Monetary Fund]] has recommended that "the National Bank of Belgium should consider enhancing oversight with additional regulatory and supervisory powers."<ref>{{citation |publisher=International Monetary Fund |title=Belgium Encouraged to Continue Strengthening Oversight of Critical Payments Node |author=Javier Hamann & Eija Holttinen |date={{date|2018/08/08}} |url=https://www.imf.org/en/News/Articles/2018/08/08/na080818-belgium-encouraged-to-continue-strengthening-oversight-of-critical-payments-node }}</ref>

In 2012, this framework was complemented by a "SWIFT Oversight Forum" including additional central banks. As of 2024, in addition to the G10 central banks, the SWIFT Oversight Forum included the national central banks of [[Central Bank of Argentina|Argentina]], [[Reserve Bank of Australia|Australia]], [[Central Bank of Brazil|Brazil]], [[People's Bank of China|China]], [[Hong Kong Monetary Authority|Hong Kong]], [[Reserve Bank of India|India]], [[Bank Indonesia|Indonesia]], [[Bank of Korea|Korea]], [[Bank of Mexico|Mexico]], [[Central Bank of Russia|Russia]], [[Saudi Central Bank|Saudi Arabia]], [[Monetary Authority of Singapore|Singapore]], [[South African Reserve Bank|South Africa]], [[Bank of Spain|Spain]], and [[Central Bank of the Republic of Turkey|Turkey]]. According to SWIFT, the Oversight Forum "provides a forum for the G-10 central banks to share information on Swift oversight activities with a wider group of central banks."<ref>{{cite web |website=SWIFT |url=https://www.swift.com/about-us/organisation-governance/swift-oversight |title=Swift oversight}}</ref>