Regulatory AlertsAPS 910 Financial Claims Scheme
The Australian Prudential Regulation Authority issued Prudential Standard APS 910 to require authorized deposit-taking institutions to support the administration of the Financial Claims Scheme. The standard mandates that ADIs maintain a Single Customer View, capture alternative account data, and generate payment instructions to ensure timely depositor protection. Compliance involves rigorous testing, external audit assurance, and annual CEO attestation regarding the integrity of these operational systems.
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