Document ID: chunk:federal_register_of_legislation:F2023L01225:body:0:p8
Version: federal_register_of_legislation:F2023L01225
Segment Type: other
Provision Reference: 
Character Range: 19797–26500

timely and accurate payment of FCS balances to account-holders in the event that an ADI is declared by the Minister under section 16AD of the Banking Act.

Account-holder information
     1. An ADI must identify each unique account-holder, to the extent practicable. For this purpose, an ADI will need to have some form of unique account-holder identifier that can be used to identify each account-holder and aggregate the balances in protected accounts for an account-holder into an SCV. The account-holder identifier will form the basis for the payment of balances held in protected accounts up to the FCS limit. The account-holder identifier must be limited to a maximum of 18 characters.

     2. The account-holder status refers to the status an ADI normally uses for this purpose e.g. whether the account-holder is deceased, bankrupt, has no valid address or any other indicator the ADI may use to identify the status of the account-holder.

     3. An ADI must capture the account-holder details in Table 1, including such matters as title, name, address (both street and mailing address), telephone numbers and email addresses to the extent that the ADI has these data in its source systems.

Account details
    4.             This is the information that an ADI must include for each protected account that is aggregated for each account-holder into an SCV.

Account-holder aggregate details
    5.             The aggregate details refer to the sum of all individual account balances for an account-holder.

Table 1

Account-holder SCV

    1. Account-holder identifier
1.1                                                                              Account holder identifier
1.2                                                                              Account-holder status
1.3                                                                              Whether account-holder is an electronic banking customer

  2.       Account-holder details
2.1                                                                              Entity details
2.1.1                                                                            Entity type
2.2                                                                              Entity name
2.2.1                                                                            Title
2.2.2                                                                            Surname
2.2.3                                                                            Middle name or initial
2.2.4                                                                            First name or initial
2.2.5                                                                            Suffix
2.3                                                                              Date of birth
2.4                                                                              Street address details
2.4.1                                                                            Unit / Street Number
2.4.2                                                                            Street Name
2.4.3                                                                            City/Town/Suburb
2.4.4                                                                            State
2.4.5                                                                            Postcode
2.4.6                                                                            Country
2.5                                                                              Mailing address details
2.5.1                                                                            PO Box (if applicable)/ RMB etc
2.5.2                                                                            Unit / Street number
2.5.3                                                                            Street Name
2.5.4                                                                            City/Town/Suburb
2.5.5                                                                            State
2.5.6                                                                            Postcode
2.5.7                                                                            Country
2.6                                                                              Email address details
2.7                                                                              Telephone number details
2.7.1                                                                            Home telephone
2.7.2                                                                            Work telephone
2.7.3                                                                            Mobile telephone

  3.       Account details (for each protected account for each account-holder)
3.1                                                                              Account title
3.1.1                                                                            Account status
3.1.2                                                                            Account classification
3.2                                                                              BSB
3.3                                                                              Account number
3.4                                                                              Product type
3.4.1                                                                            Product name
3.5                                                                              Account entitlement
3.5.1                                                                            Account balance – cleared funds
3.5.2                                                                            Account balance – uncleared funds
3.5.3                                                                            Account balance – principal
3.5.4                                                                            Accrued interest
3.5.5                                                                            Fees, charges and duties payable
3.5.6                                                                            Withholding tax

  4.       Account-holder aggregate account details
4.1                                                  Aggregate account-holder entitlement
4.1.1                                                Aggregate balance – cleared funds
4.1.2                                                Aggregate balance – uncleared funds
4.1.3                                                Aggregate balance – principal (sum of balances in all protected accounts)
4.1.4