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Deposit Takers Act 2023

Licensing of deposit takers - Fit and proper requirements

31: Bank may require further fit and proper certificate

You could also call this:

"The bank can ask for extra checks on important people in charge of deposit takers."

Illustration for Deposit Takers Act 2023

If the Bank asks a deposit taker for a fit and proper certificate for a specific director or senior manager, you must give it to them in the way they say. You have to do this even if you have already given them a certificate for that person before. If you do not comply, you can get an infringement fee of $10,000 or a fine of up to $25,000 imposed by a court.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS498854.

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
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30: Overseas licensed deposit taker must notify Bank if new director or senior manager is appointed, or

"Tell the Bank when you hire a new boss or manager if you're a bank from another country."

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32: Deposit taker’s duty on becoming aware of fit and proper concerns, or

"What deposit takers must do if they think a director or manager is not suitable for their job"

Part 2Licensing of deposit takers
Fit and proper requirements

31Bank may require further fit and proper certificate

  1. If the Bank has given a notice to a licensed deposit taker that requires it to give to the Bank a fit and proper certificate for a specified director or senior manager, the deposit taker must, in the manner specified by the Bank, comply with the requirement.

  2. This section applies whether or not a certificate in respect of the director or officer has previously been provided under this subpart.

  3. A licensed deposit taker that contravenes subsection (1) commits an infringement offence and is liable to—

  4. an infringement fee of $10,000; or
    1. a fine imposed by a court not exceeding $25,000.