Overview

The Authority to carry on banking business 2026 – Revolut Payments Australia Pty Ltd, enacted under the Banking Act 1959, was introduced to formalise and regulate the operations of Revolut Payments Australia Pty Ltd as a banking entity in Australia. This legislative instrument addresses the need for clear regulatory oversight and authorisation for entities wishing to engage in banking activities within the country, ensuring that they comply with the stringent standards and requirements set forth by the Australian Prudential Regulation Authority (APRA). The enactment of this legislation by APRA, a delegate of the Australian government, underscores the policy objective of maintaining financial stability and consumer protection within the banking sector. By granting the specified authority, the instrument aims to facilitate Revolut Payments Australia Pty Ltd's lawful operation within the Australian financial system, subject to ongoing regulatory scrutiny and compliance with banking regulations.

Scope and Application

The Authority to carry on banking business 2026 issued under the Banking Act 1959 provides Revolut Payments Australia Pty Ltd with the legal permission to conduct banking business within Australia. This authority is granted to the body corporate, specifically identified by its Australian Business Number (ABN) 21 634 823 180. The authority is granted by Peter Diamond, who acts as a delegate of the Australian Prudential Regulation Authority (APRA). The authorisation is effective from 21 July 2026 and is a formal acknowledgment that the entity meets the regulatory requirements necessary to operate as a banking institution in Australia. This authority is specific to the entity named and its scope is limited to the banking activities as defined under subsection 5(1) of the Act, without any noted exclusions or exemptions in the text provided. The issuance of this authority also adheres to the regulatory requirement for APRA to publish the instrument in the Gazette, with the flexibility to use additional publication methods as deemed appropriate by APRA.

Key Provisions

The primary operative section of the document, section 9(3) of the Banking Act 1959, grants Revolut Payments Australia Pty Ltd the authority to carry on banking business in Australia. This authority is contingent upon the body corporate's application and is granted by Peter Diamond, a delegate of the Australian Prudential Regulation Authority (APRA). The authority comes into effect on 21 July 2026, as specified in the document. The Banking Act 1959 imposes several obligations and requirements on Revolut Payments Australia Pty Ltd. Firstly, the entity must adhere to the provisions and regulations outlined by APRA to ensure the stability and integrity of the banking sector in Australia. Secondly, the entity must comply with any additional conditions or requirements that APRA may impose as part of this authorisation. These conditions may pertain to governance, risk management, capital adequacy, and other financial and operational aspects necessary for the safe and sound operation of a banking institution. Under the Banking Act 1959, breaches of the Act or the conditions attached to the authorisation can result in significant consequences. The Act provides for both civil and criminal penalties. Civil penalties may include fines, with the exact amount determined by the severity and nature of the breach. For criminal offences, penalties can include imprisonment, fines, or both. The maximum penalties are not explicitly stated in this document, but they are outlined in the relevant sections of the Banking Act 1959. The potential for enforcement actions underscores the importance of strict compliance with the regulatory requirements set forth by APRA.