Banking in Arcerion

Banking in Arcerion dates to the late eighteenth century through the Occidental trade through Arcerion's Southern ports, and over the centuries has grown into an exceedingly complex, regulated, and international commercial system. Arcerion has a long history of both financial privacy and protection of client information, going as far back as the earliest safety deposit boxes in the early 1800s. Initially it was a way for Ardmori nobles to shelter their wealth off-island and away from the Kingdom's tax collection. The laws of Arcer banking and their shrouded tradition of secrecy and insular protectionism were codified in the Banking Act of 1911. The laws were emplaced to protect an increasing financial overreach by tax collectors, auditors, and international interference from the Ardmori Crown Regent as it struggled to repay debts from the First Great War. These laws in modern times have seen Arcer institutions often involved in international tax evasion, tax havens, off-shore asset management, securities fraud, and other forms of financial crime. While many of these activities occur, there have been some attempts by the Confederate Parliament to erode the existing legislation on banking in Arcerion to prevent these activities, which are most commonly committed by citizens of Levantine nations. The Royal Arcerion Banking Commission (RABC) estimated that as of 2020 Arcer banks held an estimated ₤4.7 trillion in assets, the largest single accumulation of wealth of any non-Levantine nation. The assessment is that most of this wealth comes from oligarchs and business executives, but also is rumored to have wealth from Urcean royalty, Burgoignesc shipping magnates, and former Varshani autocratic figures in-exile. The main hub for Arcer banking is Kinnaird, in Moorden Governorate, which services both Cronan and international financial markets. Arcerion is ranked in the top five across Ixnay for financial secrecy and securities protections. Due to the large amount of wealth and the contributions to the Arcer economy, this has given the financial industry (11% of Arcerion's GDP) an overstated role in federal politics, and continues to make Kinnaird one of the most important cities in Arcerion and Crona. CronaBank, Royal Moorden Commercial Bank, and the Royal Bank of Arcerion represent three of the largest financial institutions in Arcerion.