Banking Act 1959

Part IX - Miscellaneous  

SECTION 66A   Restriction on use of expressions authorised deposit-taking institution and ADI  


A person, other than an ADI, commits an offence if:

(a) the person carries on a financial business, whether or not in Australia; and

(b) the person assumes or uses, in Australia, the expression authorised deposit-taking institution , or ADI , in relation to that financial business; and

(c) there is no determination in force under section 11 that this subsection does not apply to the person.

Penalty: 50 penalty units.

Note 1:

For the meanings of assume or use and financial business , see subsection (2).

Note 2:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 3:

If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.


If a person assumes or uses an expression in circumstances that give rise to the person committing an offence against subsection (1), the person commits an offence against that subsection in respect of:

(a) the first day on which the offence is committed; and

(b) each subsequent day (if any) on which the circumstances that gave rise to the person committing the offence continue (including the day of conviction for any such offence or any later day).


This subsection is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations.

In this section:

(a) a reference to an expression being assumed or used includes a reference to the expression being assumed or used:

(i) as part of another expression; or

(ii) in combination with other words, letters or other symbols; and

(b) a reference to a financial business is a reference to a business that:

(i) consists of, or includes, the provision of financial services; or

(ii) relates, in whole or in part, to the provision of financial services.

However, this section does not prohibit the use of the letters ADI as part of another word.


For example, the letters adi appear in the word traditional . Use of the word traditional is not prohibited by this section.

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