Licensing of banking activities in Australia is a procedure that credit institutions undergo in order to obtain the right to conduct banking transactions. The article will consider the features of obtaining banking license in the territory of the Australian Union.
The Australian banking sector is regulated by the Law “On Banking Activities” of 1959 and includes both banks and other financial institutions, namely: credit cooperatives, building societies that provide limited range of services similar to banking ones.
All of the above financial institutions are recognized in terms of Australian law as Authorized Deposit-taking Institutions (ADIs), which activities are subject to mandatory licensing.
Licensing of ADIs is carried out by the Australian Prudential Regulation Authority (APRA). The same authority issues permission for banking activities in Australia (license).
license in Australia takes considerably long period of time and is associated with fairly high costs. In order to estimate the cost of banking license in Australia, the most obvious example will be the requirement of legislation of the Australian Union for the amount of capital of the future bank.
Law&Trust International offers the services of its specialists. International lawyers of Law&Trust Int. are ready to answer any questions concerning obtaining banking license in Australia.
