Regulatory Alerts2008-10-23
Banking (Compoundable Offences) Regulations 2008
The Minister issued the Banking (Compoundable Offences) Regulations 2008 to designate specific violations under sections 97 and 100 of the Banking Act 2004 as compoundable offences. The Schedule explicitly lists eleven subsections of section 97 alongside section 100(4) as qualifying for compounding, thereby allowing regulatory breaches to be settled through financial penalties rather than full prosecution. These regulations were deemed to take effect on 10 November 2004, establishing a clear compliance framework for banking entities subject to the Act.
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