Regulatory Alerts2018-10-05
Banking (Compoundable Offences) (Amendment) Regulations 2018
The Minister, acting under sections 99 and 101 of the Banking Act, issued these regulations to amend the schedule of the principal 2008 framework. The amendment explicitly inserts references to sections 64B(2) and 96C(5) into the schedule, thereby expanding the list of offences eligible for administrative compounding. Effective from 17 September 2018, the updated schedule enables regulators to resolve specified banking breaches through fixed penalties rather than initiating full court proceedings.
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