Treasury Laws Amendment (Banking Measures No. 1) Act 2018 (9 of 2018)

Schedule 3   Restricted words

Banking Act 1959

3   Subsection 66(1AC)

Repeal the subsection, substitute:

(1AC) It is not an offence against subsection (1) for an ADI to assume or use the words bank , banker or banking in relation to the ADI's financial business.

Note: See also section 66AA, which deals with the use of the word bank by ADIs.