---
type: "AIHallucinationFinding"
title: "A central bank's payment oversight team is updating its FPS oversight policy to reflect CPMI…"
citation_id: "RLB-H-INT-BIS-CPMI-CPMI-FPS-INTERLINKING-GOVERNANCE-2024-Q006-Opus47"
finding_uid: "INT-BIS-CPMI-INT-001-CPMI-FPS-INTERLINKING-GOVERNANCE-2024-v1-006--opus-47-websearch"
question_uid: "INT-BIS-CPMI-INT-001-CPMI-FPS-INTERLINKING-GOVERNANCE-2024-v1-006"
regulation_id: "INT-BIS-CPMI-INT-001-CPMI-FPS-INTERLINKING-GOVERNANCE-2024"
regulation_slug: "CPMI-FPS-INTERLINKING-GOVERNANCE-2024"
regulation_title: "Linking Fast Payment Systems Across Borders: Governance and Oversight — Final Report"
regulator_short_code: "BIS-CPMI"
regulatory_body_id: "BIS-CPMI-INT-001"
jurisdiction_code: "INT"
j_level: "J1"
ai_subject: "claude-opus-4-7"
ai_subject_display: "opus-47-websearch"
ai_subject_version: "opus-47-websearch"
response_failure_mode: "inference_drift"
substrate_document_name: "Linking Fast Payment Systems Across Borders – Governance and Oversight, Final Report (d223)"
substrate_document_path: "https://www.bis.org/cpmi/publ/d223.htm"
substrate_section_anchor: "d223 Section 5.2 (Recommendations 1–7) vs d219 (10 considerations)"
citation_issue_types: ["Pretextual"]
audiences: ["ai_labs", "practitioners", "sector_dept"]
published_at: "2026-06-15T07:53:32.089089+00:00"
substrate_version: 1
methodology_version: "v2.3"
license: "CC-BY-4.0"
resource: "https://reglegbrief.com/regulators/j1/int/bis-cpmi/CPMI-FPS-INTERLINKING-GOVERNANCE-2024/ai-labs/finding/INT-BIS-CPMI-INT-001-CPMI-FPS-INTERLINKING-GOVERNANCE-2024-v1-006--opus-47-websearch/"
tags: ["ai-hallucination", "inference_drift", "bis-cpmi", "cpmi-fps-interlinking-governance-2024", "int"]
timestamp: "2026-06-16T00:00:00+00:00"
---

# AI Hallucination Finding: A central bank's payment oversight team is updating its FPS oversight policy to reflect CPMI…

- **Citation ID.** `RLB-H-INT-BIS-CPMI-CPMI-FPS-INTERLINKING-GOVERNANCE-2024-Q006-Opus47`
- **Finding UID.** `INT-BIS-CPMI-INT-001-CPMI-FPS-INTERLINKING-GOVERNANCE-2024-v1-006--opus-47-websearch`
- **Regulation.** [`CPMI-FPS-INTERLINKING-GOVERNANCE-2024`](/okf/regulations/CPMI-FPS-INTERLINKING-GOVERNANCE-2024.md) — Linking Fast Payment Systems Across Borders: Governance and Oversight — Final Report
- **Regulator.** [`BIS-CPMI-INT-001`](/okf/bodies/BIS-CPMI-INT-001.md) — Bank for International Settlements — Committee on Payments and Market Infrastructures (CPMI)
- **AI subject.** opus-47-websearch
- **Failure mode.** [`inference_drift`](/okf/taxonomy/failure-modes.md)
- **Published.** 2026-06-15T07:53:32.089089+00:00

## Question put to the AI subject

A central bank's payment oversight team is updating its FPS oversight policy to reflect CPMI guidance on interlinking arrangements. A senior official has asked you to draft a policy note (1–2 pages) summarising what the CPMI's FPS interlinking governance and oversight framework — as published in its final deliverable to the G20 — actually requires of overseers. The note should describe the structure of the framework (how many governance/oversight recommendations or considerations it contains and what areas they cover) so the team can map their existing oversight approach against it.

## AI subject's verbatim answer

POLICY NOTE
To: FPS Oversight Team
From: Senior Policy Adviser
Re: CPMI final report (d223, 15 October 2024) on FPS interlinking governance and oversight — implications for our oversight policy
Date: For internal policy update

1. Purpose

This note summarises the structure and content of the CPMI's final report 'Linking fast payment systems across borders: governance and oversight' (d223), published 15 October 2024 as a G20 deliverable, so that the team can map the existing oversight approach to the FPS interlinking arrangement.

2. Background

d223 follows the October 2023 interim report (d219), which set out 10 initial considerations for public consultation. d223 incorporates consultation feedback and concrete interlinking project insights (e.g. BIS Innovation Hub Project Nexus, regional FPS connectivity initiatives) into a final framework directed at FPS owners/operators (for governance and risk management) and overseers (for their oversight approach).

3. Structure of the final framework

d223 is organised around two parallel tracks:
  TRACK A — Operator track: key governance decisions for the operator of an FPS interlinking arrangement.
  TRACK B — Overseer track: oversight recommendations for the relevant authorities.

Track A — Five clusters of governance decisions for operators:
  (a) Legal set-up.
  (b) Ownership and operational structure.
  (c) Governing body composition and decision-making.
  (d) Stakeholder engagement.
  (e) Risk management (credit, liquidity, settlement, operational, cyber, FX, AML/CFT).

Track B — Oversight recommendations for authorities. d223 carries forward and refines the 10 initial considerations from d219 into a final framework of approximately 10 oversight recommendations, structured under broadly the following heads:
  R1. Cooperative oversight arrangements among relevant authorities.
  R2. Identification of a lead overseer.
  R3. Information-sharing and incident-notification protocols.
  R4. Legal basis for oversight of the arrangement and any separate hub entity.
  R5. Assessment of governance against the operator-track decisions.
  R6. Oversight of risk management (credit, liquidity, settlement, operational/cyber, FX, AML/CFT).
  R7. Oversight of business continuity, resilience and recovery.
  R8. Proportionate application of international standards, including the PFMI where the arrangement (or hub) is systemically important.
  R9. Engagement on material changes (new participants, currencies, functionalities).
  R10. Periodic review of the oversight approach.

4. Scope coverage

d223 is model-neutral across three interlinking models: bilateral link, hub-and-spoke (multilateral hub), and single access point. It applies to retail FPS interlinking; it does not displace the PFMI for systemically important payment systems or designated FMIs.

5. Mapping our existing approach to the d223 framework

The team should produce a two-axis matrix:
  Rows: R1–R10 (Track B) plus the five Track A clusters.
  Columns: existing oversight practice (policy reference); gap analysis; remediation owner; target date; cooperative oversight counterpart authority.

Priority gaps to test:
  - Whether we have a documented cooperative oversight MoU with each foreign FPS authority (R1, R3).
  - Whether the lead overseer is named in our policy and recognised by counterparts (R2).
  - Whether our PFMI application stance is proportionate and explicit about systemic-importance triggers (R8).
  - Whether business continuity and resilience are tested end-to-end across the arrangement (R7).

6. Cadence

We recommend a baseline mapping completed within 90 days, with annual refresh tied to the FPS oversight cycle and event-driven refresh on material changes to the arrangement.

## Verbatim regulator text contradicting the answer

> d219 executive summary: 'The 10 considerations covered in this interim report can be grouped into three categories.' d223 Section 5.2: 'this section sets out oversight recommendations that overseers should consider [...] Recommendation 1 [...] Recommendation 7.'

_Source:_ [Linking Fast Payment Systems Across Borders – Governance and Oversight, Final Report (d223)](https://www.bis.org/cpmi/publ/d223.htm)
_Section anchor:_ d223 Section 5.2 (Recommendations 1–7) vs d219 (10 considerations)

## Failure mode

**`inference_drift`** — Inference drift — the AI inferred a conclusion the regulator's text does not warrant, often by combining unrelated provisions.

## Citation-issue types

- **Pretextual** — <https://www.bis.org/cpmi/publ/d223.htm>
- **Pretextual** — <https://www.bis.org/cpmi/publ/d219.htm>
- **Pretextual** — <https://www.bis.org/press/p241015.htm>

## Related concepts

- Regulation: [CPMI-FPS-INTERLINKING-GOVERNANCE-2024](/okf/regulations/CPMI-FPS-INTERLINKING-GOVERNANCE-2024.md)
- Regulator: [BIS-CPMI-INT-001](/okf/bodies/BIS-CPMI-INT-001.md)
- Failure-mode taxonomy: [inference_drift](/okf/taxonomy/failure-modes.md)
- Methodology: [v2.3](/okf/methodology.md)
- Editorial standards: [right of reply](/okf/editorial-standards.md)

## Reproduction

Citation ID: `RLB-H-INT-BIS-CPMI-CPMI-FPS-INTERLINKING-GOVERNANCE-2024-Q006-Opus47`

Resource URL (HTML view of this finding):

<https://reglegbrief.com/regulators/j1/int/bis-cpmi/CPMI-FPS-INTERLINKING-GOVERNANCE-2024/ai-labs/finding/INT-BIS-CPMI-INT-001-CPMI-FPS-INTERLINKING-GOVERNANCE-2024-v1-006--opus-47-websearch/>

This finding is reproducible against the substrate document linked above, using the same AI subject, the same methodology version, and the verbatim question text.