58BDDocumenting and implementing governance policies and procedures—civil penalty provision

58BD Documenting and implementing governance policies and procedures—civil penalty provision

(1) A regulated entity for a regulated sector contravenes this subsection if the entity fails to do one or more of the following:

(a) document governance policies and procedures about:

(i) preventing, detecting and disrupting scams; and

(ii) responding to scams; and

(iii) reports relating to scams;

relating to, connected with, or using the entity’s regulated services for the sector;

(b) implement those governance policies and procedures;

(c) develop and implement performance metrics and targets that:

(i) are for measuring the effectiveness of those governance policies and procedures; and

(ii) comply with any requirements for those metrics and targets that are prescribed by the SPF rules.

(2) Subsection (1) is a civil penalty provision.

Note: This means subsection (1) is a civil penalty provision of an SPF principle for the purposes of section 58FJ (about civil penalties).