Commonwealth Consolidated Acts

BANKING ACT 1959 - SECT 11E

             (1)  Division 2 does not apply to a foreign ADI.

             (2)  A foreign ADI is guilty of an offence if:

                     (a)  it accepts a deposit from a person in Australia; and

                     (b)  before accepting the deposit, the foreign ADI did not inform the person, in a manner approved by APRA, of the requirements of this Act to which the foreign ADI is not subject because of subsection (1).

Maximum penalty:    50 penalty units.

Note 1:       Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:       If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.