This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on the 28th day after the date of their notification in the Gazette, prescribe matters relating to the detection and deterrence of money laundering and financing of terrorism as additional matters that, under section 78 of the Reserve Bank of New Zealand Act 1989 (the Act), the Reserve Bank of New Zealand may consider when—
having regard to the ability of an applicant for registration as a registered bank to carry on business in a prudent manner:
determining under certain provisions of the Act that a registered bank has not carried on its business in a prudent manner.
Policies, systems, and procedures relating to the detection and deterrence of money laundering and financing of terrorism have been identified in international documents, for example by the Basel Committee on Banking Supervision, as being relevant to the prudent conduct of a banking business.
Date of notification in Gazette: 2 October 2008.
These regulations are administered by the Reserve Bank of New Zealand.