Notice of name change of ADI
Banking Act 1959
I, Therese McCarthy Hockey, a delegate of APRA, under paragraph 9B(1)(b) of the Banking Act 1959 (the Act), am satisfied that TransferWise Australia Pty Ltd ABN 38 616 463 855, which holds a section 9 authority to carry on banking business in Australia, has changed its name to Wise Australia Pty Ltd ABN 38 616 463 855.
Dated: 2 March 2021
[Signed]
Therese McCarthy Hockey Executive Director Banking Division
Interpretation
In this instrument:
APRA means the Australian Prudential Regulation Authority.
ADI has the meaning given in subsection 5(1) of the Act.
section 9 authority has the meaning given in subsection 5(1) of the Act.
Notes
APRA is required to publish this instrument in the Gazette, and may also publish this instrument in any other way that APRA considers appropriate.
The section 9 authority has effect after the publication of this notice as if the authority had been given to the body corporate under its changed name.
Overview
The Notice of Name Change of ADIBanking Act 1959 was issued in 2021 to formally record the name change of TransferWise Australia Pty Ltd to Wise Australia Pty Ltd. This change was enacted under the authority of the Australian Prudential Regulation Act (APRA) and aligns with the existing provisions of the Banking Act 1959. The purpose of this notification is to ensure that all legal and regulatory references to TransferWise Australia Pty Ltd are updated to reflect its new name, Wise Australia Pty Ltd, which maintains the same Australian Business Number (ABN). By publishing this notice in the Gazette, APRA ensures that the change is officially recognised and that the entity's regulatory status and operational authority remain uninterrupted.
Scope and Application
The ADIBanking Act 1959, as modified by the notice published in the Gazette, applies to entities such as TransferWise Australia Pty Ltd, which holds a section 9 authority to carry on banking business in Australia. The Act specifically concerns the alteration of the name of authorised deposit-taking institutions (ADIs) and ensures the continuity of their banking authorisations. This notice pertains to the name change of TransferWise Australia Pty Ltd to Wise Australia Pty Ltd, indicating that the change is recognised under the Act as if the authority had been granted to the entity under its new name. The application of the Act is national, extending throughout Australia, and pertains to all authorised deposit-taking institutions operating within the country. There are no stated exclusions or exemptions within the notice itself, and the jurisdictional reach is comprehensive, covering all authorised deposit-taking institutions as defined in the Act. The Act may be further extended or restricted through subordinate instruments, which are not detailed in this notice but may provide additional regulatory clarity or specific conditions for banking entities.
Key Provisions
The key operative sections of this Gazette notice pertain to the formal recognition of the name change of TransferWise Australia Pty Ltd to Wise Australia Pty Ltd, as authorised by the Australian Prudential Regulation Authority (APRA) under the Banking Act 1959 (section 9B(1)(b)). The notice confirms that APRA is satisfied with the name change, which is effective from the date of publication in the Gazette, 2 March 2021. This change means that the entity's authority to conduct banking business in Australia will now be recognised under its new name, Wise Australia Pty Ltd, rather than its former name, TransferWise Australia Pty Ltd.
The obligations and requirements imposed by this Act focus on the transparency and regulatory compliance of financial institutions undergoing name changes. Under the Act, any authorised deposit-taking institution (ADI) seeking to change its name must ensure that APRA is notified and approves the change. This notification process ensures that the public and other stakeholders are aware of the change, maintaining trust and clarity in the financial sector. The notice must be published in the Gazette, providing an official record of the change, and may also be published in other ways deemed appropriate by APRA to ensure wide dissemination.
Failure to comply with the requirements of the Act, particularly in relation to the notification and approval of a name change, can result in significant consequences. Although specific offences and penalties are not detailed in this Gazette notice, breaches of regulatory requirements under the Banking Act 1959 can generally lead to enforcement actions by APRA. These actions may include fines, orders for corrective action, or in severe cases, the revocation of the institution's authority to operate as a bank in Australia. The severity of the penalties depends on the nature and impact of the breach, with maximum fines and sanctions stipulated in the Act to ensure compliance and uphold the integrity of the financial system.
This Gazette notice, therefore, serves as an official confirmation of Wise Australia Pty Ltd’s new name, ensuring that all regulatory and public records reflect this change. It underscores the importance of maintaining accurate and up-to-date information within the banking sector, facilitating effective oversight and regulatory compliance. The obligations and potential consequences outlined in the Act highlight the critical role of APRA in protecting the interests of consumers and maintaining the stability of the financial system.