Regulatory AlertsAPS 610 Prudential Requirements for Providers of Purchased Payment Facilities
The Australian Prudential Regulation Authority issued Prudential Standard APS 610 to impose risk-based prudential requirements on authorised deposit-taking institutions providing purchased payment facilities. The standard mandates that providers with stored value at risk maintain Common Equity Tier 1 Capital above their prudential capital requirement and hold high-quality liquid assets equal to their stored value liabilities at all times. Additionally, these providers must implement robust operational risk management frameworks, including controls for information security, business continuity, and anti-money laundering compliance.
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