BANKING

New Standards Target BCCI-Type Frauds: An international bank watchdog issued standards aimed at preventing a repeat of the BCCI banking scandal. The Basel Committee on Banking Supervision called for better home country supervision of banks, both home and host country approval of international bank branches and the rights of governments to gather information needed for approval. National bank supervisors could refuse to license a branch if the standards were not met. The Luxembourg-based Bank of Credit & Commerce International, once one of the world’s largest private banks, was closed in a worldwide swoop on July 5 of last year amid allegations of widespread fraud.