The need for an international banking regulator is highly predicated, with the Bank of International Settlements (BIS) currently serving as a centre for central banks and financial regulators of the world, to deal with international financial issues. By issuing memoranda and drafting regulations on several subjects affecting international banking like capital, management of international conglomerates, and electronic banking. Despite this, the emerging challenges of the international banking systems have ignited the need for some form of unified regulation and control. As the need for one international banking regulator is increasingly acknowledged, with BIS coming closer than ever to fulfilling this function. Since the International Monetary Fund (IMF) is seen to be too politicised. As such, only the BIS has attracted the intellectual resources needed to resolve international problems thoughtfully and deliberately, as the world's banking centre. Although to be anointed as an international regulator with the power to impose rules, would require massive compromises among national regulators in this regard. On this base, the current configuration of the international financial system (IFS) is classified into three groups of organizations. With the configuration of the IFS reflecting the evolving characteristics of capitalism. In this vein, the paper focuses on the first group, by providing the scope and historical configuration of the financial regulatory organisation of the IFS, and the interface of the BIS and IMF. So as to show how organisations can play a new role in the face of the challenges of an increasingly interconnected and interdependent international scenario.