Regulatory Alerts2025-05-20
Guidance on the DCS Transitional Standard 2025
The Reserve Bank of New Zealand issued this guidance to assist deposit takers in complying with the Depositor Compensation Scheme Transitional Standard 2025, which mandates the collection of alternate account details to facilitate compensation in the event of failure. Effective from 1 July 2025, regulated entities must pre-position and activate a DCS depositor page within their account software to collect minimum data, including unique identifiers and alternate account numbers, from authorized individuals. The standard applies until replaced by permanent regulations around 2028 and allows for alternative compliance models subject to Reserve Bank approval.
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