Conditions on banking authority 2023 – Wise Australia Pty Ltd
Banking Act 1959
To: Wise Australia Pty Ltd ABN 38 616 463 855 (the body corporate)
SINCE the body corporate holds a section 9 authority under the Banking Act 1959 (the Act) to carry on banking business in Australia (the authority) that is subject to conditions, as specified in the schedule (the existing conditions),
I, Chris Gower, a delegate of APRA, under paragraph 9AA(1)(b) of the Act, VARY the conditions on the authority by replacing the existing conditions with the conditions specified in the schedule (the varied conditions).
This instrument commences on the day it is made. Dated: 27 June 2023
Chris Gower General Manager Banking Division
Interpretation
In this instrument:
APRA means the Australian Prudential Regulation Authority.
banking business and section 9 authority have their respective meanings given in subsection 5(1) of the Act.
Notes
APRA is required to publish this instrument in the Gazette.
A decision to impose conditions or additional conditions, or vary the conditions, on a section 9 authority is a decision to which Part VI of the Act applies. You may request APRA reconsider the decision in accordance with subsection 51B(1) of the Act. The request for reconsideration must be made in writing, must state the reasons for the request, and must be given to APRA within 21 days after the day on which you first received notice of this decision, or within such further period as APRA allows. If you are dissatisfied with the outcome of APRA’s reconsideration of the decision, you may, subject to the Administrative Appeals Tribunal Act 1975, apply to the Administrative Appeals Tribunal for review of the reconsidered decision. The address where written notice may be given to APRA is Level 12, 1 Martin Place, Sydney NSW 2000.
2. The body corporate must, at all times, hold Tier 1 Capital in the greater of the following two amounts:
a) $3 million; or
b) 5 per cent of total outstanding stored value liabilities.
3. The body corporate must not pay interest on amounts held for the benefit of its customers.
In this schedule:
purchased payment facility has the meaning given in subsection 9(1) of the Payment Systems (Regulation) Act 1998.
stored value liabilities has the meaning given in Prudential Standard APS 610 Prudential Requirements for Providers of Purchased Payment Facilities.
Tier 1 Capital has the meaning given in Prudential Standard APS 111 Capital Adequacy: Measurement of Capital.
2. The body corporate must not pay interest on amounts held for the benefit of its customers.
In this schedule:
purchased payment facility has the meaning given in subsection 9(1) of the Payment Systems (Regulation) Act 1998.