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2008-10-23

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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Government Notice No. 209 of 2008 THE BANKING ACT 2004 Regulations made by the Minister under sections 99 and 101(1)(b) of the Banking Act 2004

  1. These regulations may be cited as the Banking (Compoundable Offences) Regulations 2008.
  2. In these regulations – “Act” means the Banking Act 2004.
  3. For the purposes of section 99 of the Act, every offence which is specified in the Schedule to these regulations shall be a compoundable offence.
  4. These regulations shall be deemed to have come into operation on 10 November 2004. Made by the Minister on 7 October 2008.

SCHEDULE (regulation 3) Compoundable Offences Offences under sections 97(2), 97(5), 97(6), 97(9), 97(11), 97(13), 97(14), 97(15), 97(17), 97(18), 97(19) and 100(4) of the Banking Act.

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