Reserve Bank of New Zealand (Registration and Supervision of Banks) Regulations 2008

2008/342

Crest

Reserve Bank of New Zealand (Registration and Supervision of Banks) Regulations 2008

Anand Satyanand, Governor-General

Order in Council

At Wellington this 29th day of September 2008

Present:
His Excellency the Governor-General in Council

Pursuant to section 78 of the Reserve Bank of New Zealand Act 1989, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, and on the advice of the Minister of Finance given in accordance with a recommendation of the Reserve Bank of New Zealand, makes the following regulations.

Regulations

1 Title
  • These regulations are the Reserve Bank of New Zealand (Registration and Supervision of Banks) Regulations 2008.

2 Commencement
  • These regulations come into force on the 28th day after the date of their notification in the Gazette.

3 Additional matters relating to carrying on business in prudent manner
  • (1) The matters set out in subclause (2) are additional matters for the purposes of section 78(1)(g) of the Reserve Bank of New Zealand Act 1989 (the Act).

    (2) The additional matters are the policies, systems, and procedures, or proposed policies, systems, and procedures, to detect and deter money laundering and the financing of terrorism.

4 Transitional provision relating to applications for registration
  • If an application under section 70 of the Act is made before the date on which these regulations come into force, these regulations apply to a determination of the application.

Rebecca Kitteridge,
Clerk of the Executive Council.


Explanatory note

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.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 2 October 2008.

These regulations are administered by the Reserve Bank of New Zealand.