Banking exemption for religious charitable funds

Banking exemption No. 1 of 2011 extends the previous exemption with respect to controlling entities of the religious charitable funds listed in schedule 1 on the conditions listed in schedule 2 for 2 years from 28 June 2011 from the prohibitions contained in sections 7 and 8 of the Banking Act against non-licensed persons carrying on banking business.

The funds are established by religious organisations for the purpose of seeking investments from the public in order to make loans that further the religious and charitable goals and objectives of the fund.

The funds are permitted to offer restricted cheque accounts but not EFTPOS or ATM facilities.

Over the next 2 years APRA will be conducting a comprehensive review of the exemption. APRA would consult extensively with the funds concerned as part of the review.

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