Deposit Takers Act 2023

Supervision of deposit takers - Bank’s information-gathering power

105: Requirement that information be audited or reviewed

You could also call this:

"The Bank can ask you to check some information you give them to make sure it's correct."

Illustration for Deposit Takers Act 2023

The Bank can ask you to get an audit or a review of some information you have to give them. This information might be required because of specific rules or conditions you have to follow. You might also have to give the Bank this information because of other obligations you have.

You will need to get an approved auditor or person to do the audit or review. The Bank will decide who is approved to do this job. They will make sure the person doing the audit or review is someone they trust.

If the Bank asks you to get an audit or review, you will have to do it within a certain time and in a specific way. The Bank will tell you how and when to do it in their notice to you. You will have to follow their instructions carefully.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS475525.


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Part 4Supervision of deposit takers
Bank’s information-gathering power

105Requirement that information be audited or reviewed

  1. The Bank may, by notice, require a licensed deposit taker or other person to obtain an audit or a review of any information that the deposit taker or other person is required to give to the Bank under—

  2. this subpart; or
    1. an applicable standard or a condition; or
      1. any other prudential obligation.
        1. The audit or review must be carried out by an auditor, or other person, approved by the Bank.

        2. The licensed deposit taker or other person must comply with the notice within the period, and otherwise in the manner, that is specified in the notice.