The Basel Committee on Banking Supervision (BCBS) is an international body that formulates guidelines and standards for banking regulation. Established in 1974, it aims to enhance financial stability by improving the quality of banking supervision worldwide. The committee consists of representatives from central banks and banking supervisory authorities from various countries. The BCBS is best known for developing the Basel Accords, which are a series of agreements that set minimum capital requirements for banks. These accords help ensure that banks maintain adequate capital to absorb losses, thereby promoting a safer and more resilient global banking system.