Banking Act 1959
If APRA is satisfied that an accountable person, of an ADI or a subsidiary of an ADI, would contravene a law of a foreign country if he or she were to comply with a particular obligation under section 37B , APRA:
(a) may give to the accountable person a written notice specifying that obligation; and
(b) may specify in the notice:
(i) the extent to which the accountable person need not comply with that obligation; and
(ii) conditions to which the notice is subject.
An accountable person is not required to comply with that obligation:
(a) to the extent compliance would result in the accountable person contravening that law of a foreign country; or
(b) if the notice specifies the extent to which the accountable person need not comply with that obligation - to the extent so specified;
if the conditions (if any) specified in the notice are complied with.(3)
APRA must give a copy of the notice to the ADI or subsidiary.
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