News

Vatican Bank Overhaul to be Completed in 2014

Catholic Communications, Sydney Archdiocese,
23 Jan 2014

The Institute for Religious Works, better known as the Vatican Bank, outlined its progress in reforming the institution. The reforms started in 2010, and some of the major components will be completed by the first half of 2014, according to the report.

In the first three months, the Vatican Bank will implement a "know your customer" application for individual and group accounts. It'll also introduce a "risk-based" client rating to help tackle money laundering.

By mid-year 2014, the IOR said they will have screened all of its accounts, in search of missing or incomplete information. The process started back in 2013. So far, they've looked through some 10,000 client records, or about 55 percent of their accounts.

In addition, the Bank will continue to close the accounts not associated with the Vatican, Catholic groups, or diplomats accredited to the Holy See.

The Vatican Bank made history last year when it published an annual report for the first time ever. The next report will come out in mid-2014.