The Reserve Bank of New Zealand (RBNZ) is establishing a standalone, enforcement department covering compliance in anti-money laundering (AML) as well as the banking, insurance sectors.

The new unit will develop the bank’s enforcement framework, including setting up a committee to oversee enforcement actions for serious or repeated breaches of regulatory requirements, deputy governor Geoff Bascand, who will lead the new department, was reported by Reuters as saying.

The department will work closely with supervision teams across a range of regulated entities in the AML, banking and insurance sectors in tracking compliance breaches, RBNZ said.

“The enforcement department will support the bank’s more intensive supervisory and enforcement approach and help the bank promote a sound and efficient financial system built on integrity, innovation and inclusion,” Bascand added.

The new department is developing the bank’s enforcement framework, including establishing an enforcement committee which will oversee enforcement actions for serious or repeated breaches of regulatory requirements, Bascand said.

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