You will require this authorisation if you intend to carry on a banking business in Australia, such as operating as a bank, building society or credit union.
Carrying on a banking business consists of:
- taking of deposits
- making advances of money
- other financial activities.
To conduct a banking business, a body corporate must become an authorised deposit-taking institution, unless it is specifically exempted. There are two routes for financial entities to become registered as authorised deposit-taking institutions, the direct route or the restricted route. The direct route allows the applicants to conduct banking from the granting of the licence whilst the restricted route provides the applicant with a restricted licence for two years in which they have to meet the prudential framework in full.
Please consult the Contact Officer for more information