Banking Act 1959

Part IIAA - The Banking Executive Accountability Regime  

Division 6 - Enforcement and administration  

Subdivision C - Disqualification of accountable persons  

SECTION 37JC   Allowing a person disqualified by APRA to act as an accountable person  

(1)  
An ADI, or a subsidiary of an ADI, contravenes this subsection if:


(a) a person is disqualified under section 37J ; and


(b) the person is or acts as an accountable person of the ADI or subsidiary; and


(c) the person is disqualified from being or acting as an accountable person in the ADI or subsidiary; and


(d) the ADI or subsidiary allows the person to be or act as an accountable person. Fault-based offence

(2)  
An ADI, or a subsidiary of an ADI, commits an offence if it contravenes subsection (1).

Penalty: 250 penalty units.

Strict liability offence

(3)  
An ADI, or a subsidiary of an ADI, commits an offence of strict liability if it contravenes subsection (1).

Penalty: 60 penalty units.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.