Banks and Trust Companies (Amendment) Act, 2024 (Commencement) Order, 2024

Summary

This is a short Cabinet Order that brings the Banks and Trust Companies (Amendment) Act, 2024 into force. It does not contain the substantive changes made by the amendment act itself -- it simply fixes the date on which those changes take legal effect. The Order was made in Cabinet on 17 December 2024 and published in the Legislation Gazette on 19 December 2024.

• Commencement date: The Banks and Trust Companies (Amendment) Act, 2024 comes into force on 1 January 2025.
• Substantive changes: Anyone needing to understand what actually changed for banks and trust companies must consult the text of the Amendment Act itself, which is not reproduced in this commencement order.

Because this document is purely a commencement mechanism, it does not itself impose new compliance duties beyond confirming the effective date of the underlying amendment legislation.

Applies to

banks, trust companies

Deadlines

• 1st January, 2025: Date on which the Banks and Trust Companies (Amendment) Act, 2024 comes into force