The Reserve Bank’s Enforcement Department was established in March this year to help achieve compliance goals and the bank is now developing an enforcement framework to guide its actions.
Its compliance goals aim to incentivise and monitor prudent behaviour, promote confidence in compliance, and enforce compliance by holding institutions to account for non-compliance.
The bank wants feedback on the principles and criteria which guide its enforcement decision-making processes with consultation open until November 24.
For more information, click here.
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