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
Who must comply with this? The applicability test by industry, business structure and size.
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
- 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.
- CWLTHPCI DSS card data security (contractual, via your acquirer)Merchants that accept card payments must protect cardholder data to PCI DSS — a requirement of the card schemes, enforced through your merchant agreement, not an Australian statute.
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://www.apra.gov.au/banking. Rules Mate is not a law firm. Always verify against the live regulator source before acting.