BCCC publishes updated Operating Procedures

The Banking Code Compliance Committee has today published an updated version of its Operating Procedures.

The BCCC Operating Procedures were developed in accordance with clause 13.1 of the BCCC Charter to support the BCCC’s compliance monitoring program and its key monitoring activities. These procedures are primarily applied by the BCCC during the course of an investigation or targeted inquiry.

The BCCC updated its Operating Procedures to clarify some matters following a review into how its existing procedures (first published in July 2019) applied in practice. The Operating Procedures have been updated to:

• clarify the steps the BCCC will undertake when imposing a sanction to name a bank and the sequence in which these steps will be undertaken
• explain the BCCC’s role and involvement in the corrective actions and customer remediation a bank undertakes as a result of its non-compliance with the Code, and
• include additional procedures to meet the requirements set out in clause 13 of the Charter.

The updated version of the BCCC Operating Procedures, which came into effect on 1 July 2021, are available on the BCCC’s Publications and governance documents resource page of its website.