National Reserve Bank of Tonga

South Pacific Central Bank Governors' Meeting

The Reserve Bank of Australia hosted Governors from South Pacific Central Banks^ on 19-20 November in Sydney for the 34th South Pacific Central Bank Governors’ Meeting.

Following constructive and detailed discussions, the Governors agreed the following:

• to reaffirm the Samoa commitment which has so far included great progress on a pilot Know Your Customer (KYC) initiative with the assistance of the Asian Development Bank (ADB)
• to recognise the ADB’s assistance to Bank of Papua New Guinea in developing a digital ID system
• as a collective, to prioritise an initial focus on a regional KYC Utility
• to develop a KYC Utility Framework including governance, technical and legal requirements in each jurisdiction
• that the International Monetary Fund would perform the role of Secretariat for the KYC Utility work program, and
• longer term, to seek a service provider 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

Notes for editors
Governors of South Pacific Central Banks have been meeting annually since the mid 1980s to discuss matters of importance to banking in the region.

Courtesy of the Reserve Bank of Australia