RBNZ looks to toughen payments oversight

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The Reserve Bank of New Zealand (RBNZ) is seeking to quadruple the amount it can fine both individuals and companies in the payments industry for failing to disclose information, with the maximum penalty for companies rising to NZ$2 million ($1.7 million)

The measure is part of a wider attempt to fortify the RBNZ's oversight of domestic payments systems, after a review found its powers to be "insufficient" and inferior in comparison to other central banks.

Consequently, the RBNZ is seeking great

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