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Law Adi & Apra

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QUESTION 1

a)
Having the license for APRA (Australian Prudential Regulation Authority), Victoria bank is an authorised deposit taking institution (ADI). Been a part of APRA, which is needed to operate as a bank legally in Australia, it gives Victoria Bank the licence to undertake ‘business of banking’ which is defined in the Banking Act 1959. This shows that Victoria bank has fulfilled the ADI application requirements including sufficient start-up capital, ownership, sufficient risk management and internal control system, information and accounting system, and fulfilment developments.

Addition to APRA, according to corporation act 2001, Victoria Bank also needs to have an AFSL, Australian Financial Service License off ASIC. This license will give the bank the authority to provide different financial services, “provide financial product advice to clients”, “deal in a financial product”, “make a market for a financial product”, “operate a registered scheme”, “provide a custodial or depository service”, and to “provide traditional trustee company services.”.

Having fulfilled APRA & AFSL, Victoria bank has accepted the laws controlled by a number of guiding bodies. On top of APRA and AFSL there is the Australian Consumer and competition commission (ACCC), and the Reserve Bank of Australia (RBA). APRA will keep a close eye on the operations that Victoria Bank exercises, to make sure they keep financial promises to their customers and continue been financially established. Under the Banking Act 1959, they could only commence ‘Banking Business’ when they are ‘Body Corporate’, meaning a incorporated company.

Managing both retail and business banking, Victoria bank will need to fulfil the legislations and industry codes. The legislations will included the anti-money laundering and counter-terrorism financial acts (AML/CFA) 2006 giving legal commitments to…...

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