In July 1991, a consortium of central banks, including the Federal Reserve, the Bank of England, and the Luxembourg Monetary Institute, coordinated the closing of a multinational bank known as the Bank of Credit and Commerce International (BCCI). The discovery of a massive and widespread fraud, perpetrated over several years, precipitated BCCI’s closure. At the time of its closure, BCCI had become a truly global bank. The fact of its closure and the reasons for it provide a particularly graphic illustration of the special difficulties inherent in supervising complex multinational banks.