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