Banking (prudential standard) determination No. 3 of 2023 (Cth)

Banking (prudential standard) determination No. 3 of 2023

Prudential Standard APS 610 Prudential Requirements for Providers of Purchased Payment Facilities

Banking Act 1959

I, Clare Gibney, a delegate of APRA:

(a) under subsection 11AF(3) of the Banking Act 1959 (the Act) REVOKE Banking (prudential standard) determination No. 6 of 2014, including Prudential Standard APS 610 Prudential Requirements for Providers of Purchased Payment Facilities made under that determination; and

(b) under subsection 11AF(1) of the Act DETERMINE Prudential Standard APS 610 Prudential Requirements for Providers of Purchased Payment Facilities, in the form set out in the schedule, which applies to ADIs that are purchased payment facility providers.

This instrument commences upon registration on the Federal Register of Legislation.

Dated: 11 May 2023

Clare Gibney Executive Director Policy and Advice Division

Interpretation

In this instrument:

APRA means the Australian Prudential Regulation Authority.

ADI has the meaning given in subsection 5(1) of the Act.

purchased payment facility has the meaning given in section 7 of the Payment Systems (Regulation) Act 1998.

Schedule

Prudential Standard APS 610 Prudential Requirements for Providers of Purchased Payment Facilities comprises the document commencing on the following page.

Prudential Standard APS 610

Prudential Requirements for Providers of Purchased Payment Facilities

Objectives and key requirements of this Prudential Standard

This Prudential Standard requires authorised deposit-taking institutions (ADIs) that have obtained an authority to provide purchased payment facilities (PPFs) to meet prudential requirements commensurate with their risk profile. These ADIs form a class of ADI known as purchased payment facility providers (PPF providers). They are not authorised to conduct general banking business.