Although banking has gone global, banking regulation is still primarily local. A large money center bank in New York is just as likely to do business with an Austrian bank as one headquartered in California. However, even though each of the New York and Austrian banks engages in business banking, their chartering and regulations are still controlled by their local regulators. A failure to appreciate the differences between a bank chartered and regulated by the U.S. Office of the Comptroller of the Currency versus the Austrian Financial Market Authority can result in misunderstandings, lost business and perhaps civil or criminal liability.