Comply with Stored Value Facility rules (banking exception)
SVF providers must operate within APRA + Treasury rules on purchased payment facility regulation.
Who must comply
Providers of stored value / purchased payment facilities.
What triggers it
Operating SVF/PPF in Australia.
When due
Continuous; rules in transition.
Evidence required
APRA registration (where applicable); customer fund segregation; AML/CTF + privacy compliance.
Max penalty
APRA enforcement + Banking Act civil penalties
Summary
Currently regulated as Purchased Payment Facilities under the Banking Act 1959 (Cwlth). APRA regulates the larger SVF providers; smaller facilities operate under specific declarations. The PSP licensing reform is expected to replace the PPF framework.
Enforced by
Source legislation
Industries
Topics
Related obligations
- CWLTHPayment Service Provider (PSP) licensing reform — implementation pendingTreasury reform of payments licensing to capture digital wallets + Buy Now Pay Later + stored value.
- CWLTHStablecoin payments licensing — Treasury reforms (in scoping)Treasury reforms scoping payment stablecoin licensing under PSP regime.
- CWLTHCrypto Asset Secondary Service Provider (CASSPr) licensing reformsTreasury consultation 2024 on bespoke crypto licensing — separate from AFSL.
- CWLTHCrypto Asset Platform licensing (Treasury reforms 2024-2025)Treasury scoping CASP regime for digital asset platforms.
- CWLTHComply with the ePayments CodeVoluntary but industry-standard code covering electronic transaction terms, mistaken internet payments, and unauthorised transactions.
Frequently asked questions
- Who must comply with Stored Value Facility rules (banking exception)?
- Providers of stored value / purchased payment facilities.
- What triggers Stored Value Facility rules (banking exception)?
- Operating SVF/PPF in Australia.
- When is Stored Value Facility rules (banking exception) due?
- Continuous; rules in transition.
- What is the maximum penalty for Stored Value Facility rules (banking exception)?
- APRA enforcement + Banking Act civil penalties
- What evidence is required for Stored Value Facility rules (banking exception)?
- APRA registration (where applicable); customer fund segregation; AML/CTF + privacy compliance.
Source: https://apra.gov.au/non-bank-financial-institutions. Rules Mate is not a law firm. Always verify against the live regulator source before acting.