i.e. no oversight.
My guess (and this is only a guess) is that if the institution is physically outside of the State of Vatican City --- that is, operating in Italy --- Italy law apparently has some kind of jurisdiction.
If foreign currencies are involved, I believe international regulators can intervene as well.
I imagine that international financial transactions can spark very complicated jurisdictional disputes.
But what do I know. Any smart FReepers here who know more, who can comment?