Central Bank of the Republic of San Marino
The Banca Centrale della Repubblica di San Marino (short: BCSM) is the central bank of the Republic of San Marino .
Founded in 2005, BCSM is the supervisory authority for finances, banking and insurance in San Marino. It carries out the observation and control of the payment system, the promotion of codes of conduct and operating standards , guidelines, recommendations and provisions for the control and prevention of irregularities of the operators.
tasks
The subjects of supervision are banks, finance companies, trust companies, management companies of investment funds, investment firms, insurance companies, subjects who hold the office of trustee, financial planner and insurance intermediary. Its most important functions include ensuring the stability of the country's financial system and protecting investors.
The central bank is also the monetary authority, it controls the system of payments and carries out advisory activities. According to the Anti- Money Laundering Act introduced in 2004, the BCSM has the power to block assets and thus prevent terrorist financing. Law of July 29, 2013 n.101 regulates the implementation of the currency agreement of March 27, 2012 between the Republic of San Marino with Italy and the European Union .
structure
The BCSM is based in the city of San Marino . The majority shareholder of CBSM is the state, which owns 67% of the shares; the remaining shares are held by Cassa di Risparmio della Repubblica di San Marino SpA 16%, Banca di San Marino SpA 6%, Banca Agricola Commerciale Istituto Bancario Sammarinese SpA 5%, Banca CIS - Credito Industriale Sammarinese SpA with 5% and Banca Sammarinese di Investimento SpA 1%.