Banking Act 1959

Part IX - Miscellaneous  

SECTION 67   Restriction on establishment or maintenance of representative offices of overseas banks  

(1)    

A person, other than an ADI, commits an offence if:

(a) the person carries on banking business in a foreign country but does not carry on banking business in Australia; and

(b) the person establishes or maintains an office in Australia wholly or partly in connection with the carrying on of that banking business in that foreign country; and

(c) APRA did not consent, in writing, to the establishment or maintenance of that office; and

(d) there is no determination in force under section 11 that this subsection does not apply to the person.

Penalty: 50 penalty units.

Note 1:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:

If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

(1A)    

If a person establishes or maintains an office in circumstances that give rise to the person committing an offence against subsection (1), the person commits an offence against that subsection in respect of:

(a) the first day on which the offence is committed; and

(b) each subsequent day (if any) on which the circumstances that gave rise to the person committing the offence continue (including the day of conviction for any such offence or any later day).

Note:

This subsection is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.

(2)    
APRA may, at any time, by notice in writing served on the person concerned:

(a) impose conditions, or additional conditions, on a consent;

(b) vary or revoke conditions imposed on a consent; or

(c) revoke a consent.

(3)    

A person commits an offence if:

(a) the person has been given a consent under this section; and

(b) the person contravenes a condition to which the consent is subject; and

(c) there is no determination in force under section 11 that this subsection does not apply to the person.

Penalty: 50 penalty units.

Note 1:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:

If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.

(4)    

If a person does or fails to do an Act in circumstances that give rise to the person committing an offence against subsection (3), the person commits an offence against that subsection in respect of:

(a) the first day on which the offence is committed; and

(b) each subsequent day (if any) on which the circumstances that gave rise to the person committing the offence continue (including the day of conviction for any such offence or any later day).

Note:

This subsection is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.

(5)    

Part VI applies to the following decisions made under this section:

(a) a decision to refuse consent;

(b) a decision to impose conditions, or additional conditions, on a consent;

(c) a decision to vary conditions imposed on a consent;

(d) a decision to revoke a consent.