International Banking and Finance Law of Australia and Saudi Arabia - Research Paper Example

Download file to see previous pages The hypothesis will examine the importance of good regulation and the origins of and options for modern financial regulations in Australia. After discussing other important components of Australian Banking regulations, we talk about recent developments in this sector. Lastly, we conclude by giving our views on the Australian banking and financial sector as a whole.

The second part of the research paper is based on a detailed study of the regulations of the electronic banking system of Saudi Arabia. In this part, we first discuss the use of e-Banking in Saudi Arabia and Saudi banks on the web. Then we talk about the role of the Saudi Arabian Monetary Agency and how the Saudi Arabian Riyal Interbank Express, Electronic Securities Information System, and Saudi Payments Network monitor the local banks and bank-customer relations. Then we throw light on the challenges faced by the banks of Saudi Arabia and how they can overcome them. Lastly, we conclude by discussing how the Government of Saudi Arabia is playing an important role in creating a good environment and encouraging the expansion of e-business and giving our views on the Saudi Arabian banking and financial sector as a whole.

Regulations of Electronic Banking Systems in Australia

Australia has a variety of banks and financial institutions at all levels – regional level, city level, state level, and international level. Commonwealth Bank of Australia, Australian and New Zealand banking group (ANZ), National Australia Bank (NAB), and Westpac are the major banks in Australia. Among other popular institutions, there are Investment Banks (Macquarie Bank) and Community Banks (St. George) that are flexible, and innovative.

Some non-banking financial institutions like finance companies, credit unions, and building and friendly societies are also operating in the Australian financial sector. Industrial Credit Unions are also alternatives to the banking sector.
Banks in Australia perform the functions carried out by most traditional banks in other parts of the world-these would include services provided to individuals and businesses along with third-party support in payment of taxes, protection of assets, and planning of housing and estates. Australian banks play a vital role in the nation’s economy and contribute to the nation’s GDP. They play an important role in the financial markets of the Asia-Pacific region thus promoting the country in international commerce. ...Download file to see next pages Read More