New Zealand’s central bank unveils new enforcement framework

THE Reserve Bank of New Zealand said on Thursday it has reviewed its regulatory frameworks and set out policy for how the central bank will conduct investigations.

“The enhanced framework supports our goals of encouraging and enforcing compliance among our regulated entities to maintain public confidence in them,” said Christian Hawkesby, deputy governor and general manager of financial stability at the RBNZ.

The new framework consists of three public documents which set out policy for how investigations will be selected and conducted.

The guidelines help identify and describe the considerations that the central bank will weigh for making decisions on serious non-compliance, the RBNZ said.

The RBNZ launched a new standalone enforcement department last year to focus on compliance in banking, insurance and anti-money laundering sectors.

The enforcement committee was launched to oversee actions for serious or repeated breaches of regulatory requirements. REUTERS