Document ID: chunk:federal_register_of_legislation:F2023L00638:body:0:p5
Version: federal_register_of_legislation:F2023L00638
Segment Type: other
Provision Reference: 
Character Range: 11705–13261

purchased from the PPF provider. APRA will closely examine any facility that allows a purchaser to load, store, or pay sizeable amounts of money to ensure that the integrity of the facility is not compromised. Where a PPF provider is involved with this type of facility, it must ensure that it has in place adequate systems for the identification of purchasers and the recording and tracing of transaction data.

    21.         A PPF provider must not be involved in providing PPFs that do not have a reasonable limit on the amount that can be loaded, stored or paid on a device or account, or provide an audit trail of purchaser and transaction information.  Australia's anti-money laundering regulator and specialist financial intelligence unit is the Australian Transaction Reports and Analysis Centre (AUSTRAC), and a PPF provider must comply with all anti-money laundering requirements, including customer due diligence, as administered by AUSTRAC.

Notification requirements

    22.         A PPF provider must comply with section 62A of the Banking Act in respect of any breach of a requirement of this Prudential Standard, including:

       (a)          any breach of the minimum capital adequacy requirements (refer to paragraph 14) and any potential breach of these requirements (e.g. breaches of trigger ratios set under paragraph 13(b)(ii)), including remedial actions taken/planned to deal with the problem; and

       (b)          any breach of its minimum liquidity holdings, or concerns over the adequacy of its liquidity holdings.