APRA APS 610: Prudential Req. for Purchased Payment

By : 6clicks
This Prudential Standard requires authorised deposit-taking institutions (ADIs) that have obtained an authority to provide purchased payment facilities (PPFs) to meet prudential requirements commensurate with their risk profile. These ADIs form a class of ADI known as purchased payment facility providers (PPF providers). They are not authorised to conduct general banking business
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This Prudential Standard requires authorised deposit-taking institutions (ADIs) that have obtained an authority to provide purchased payment facilities (PPFs) to meet prudential requirements commensurate with their risk profile. These ADIs form a class of ADI known as purchased payment facility providers (PPF providers). They are not authorised to conduct general banking business.

This Prudential Standard sets out those ADI prudential standards that apply to PPF providers, as well as additional requirements applying to PPF providers that have stored value at risk.

The key requirements of this Prudential Standard for PPF providers with stored value at risk are:

  • a minimum Tier 1 capital requirement that is the larger of the following two figures:
  1. the minimum start-up capital as determined by APRA; or
  2. five per cent of stored value liabilities.
  • a PPF provider with stored value at risk must hold, at all times, high quality liquid assets equal to its stored value liabilities; and
  • a PPF provider with stored value at risk must meet certain operational risk requirements.

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Jurisdiction Australia
Type Laws or related obligations