APRA Prudential Standard APS 910 Financial claim scheme

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APRA Prudential Standard APS 910 Financial claim scheme
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This Prudential Standard sets out the minimum requirements that a locally incorporated authorised deposit-taking institution (ADI) must meet to ensure that it is adequately prepared, should it become a declared ADI for Financial Claims Scheme(FCS) purposes. The Board and senior management of an ADI are ultimately responsible for ensuring that appropriate policies and procedures are in place to ensure the integrity of the systems, processes and data required under this Prudential Standard.

The key requirements of this Prudential Standard are that an ADI must:

  • identify each unique account-holder, to the extent practicable;
  • develop and implement a Single Customer View;
  • be able to generate and transmit payment instructions for payment by electronic funds transfer (EFT) and cheque in respect of each account-holder;
  • facilitate the collection of an account-holder’s alternative ADI account details to which an EFT payment may be made for FCS purposes;
  • generate and provide reports to APRA and to account-holders and other parties on APRA’s behalf;
  • facilitate communications with account-holders and other relevant parties;
  • comply with requirements specified from time to time by APRA for the purpose of testing the generation of Single Customer View data, the generation and transmission of payment and reporting information and communications arrangements;
  • ensure that the systems and data required by this Prudential Standard are subject to external audit; and
  • provide an attestation by the Chief Executive Officer.

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Jurisdiction Australia
Type Laws or related obligations