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Reserve Bank of New Zealand Act 2021

Miscellaneous provisions - Information-gathering power - Requirement that information be reviewed

268: Offence of failing to comply with review requirements

You could also call this:

"Breaking the law by not following the Bank's review rules can lead to a big fine."

Illustration for Reserve Bank of New Zealand Act 2021

You can commit an offence if you fail to comply with section 267 without a reasonable excuse. You must follow the requirements of the Bank under that section. If you commit this offence, you can be fined. You can be fined up to $50,000 if you are an individual. You can be fined up to $200,000 in any other case. This is what happens if you are convicted of the offence. You should look at section 267 to understand what you need to do. The Bank has requirements that you must follow. You can get in trouble if you do not follow these requirements.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS324959.

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Topics:
Money and consumer rights > Banking and loansCrime and justice > Criminal law
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267: Requirement that information be reviewed, or

"The Bank must check information is correct"

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Part 6Miscellaneous provisions
Information-gathering power: Requirement that information be reviewed

268Offence of failing to comply with review requirements

  1. A relevant person commits an offence if the person, without reasonable excuse, fails to comply with section 267 or any requirements of the Bank under that section.

  2. A relevant person that commits the offence is liable on conviction to a fine not exceeding—

  3. $50,000 in the case of an individual; or
    1. $200,000 in any other case.

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