Bank Company Act 1991 Pdf

The Bank Company Act 1991 (BCA) is a law in Australia which sets out the rules governing banks and other financial service providers. It creates obligations for these financial service providers to protect customers and to manage their businesses prudently, in line with accepted banking practices. This act also creates penalties for those who breach its provisions, as well as processes for dispute resolution.

Table Of Content:

• The Bank Company Act (Bangladesh), 1991
• The Bank Company Act, 1991
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What does the Bank Company Act 1991 do?

The Bank Company Act 1991 sets out the rules governing banks and other financial service providers in Australia. It obliges these companies to protect customers and manage their businesses prudently, provides penalties for those who breach such provisions, and establishes processes for dispute resolution.

Who is responsible for administering this Act?

The Australian Prudential Regulation Authority (APRA) is responsible for administering the Bank Company Act 1991 by issuing regulations which must be followed by all relevant institutions operating in the banking sector.

What kinds of entities are covered under this legislation?

The Bank Company Act 1991 applies to all banks operating in Australia, as well as any other institution that carries on the business of banking or providing finance services or credit services.

Are there any exemptions under this act?

Yes, some entities are exempt from certain provisions of the Bank Company Act 1991 including foreign banks, foreign branches of Australian banks operating overseas and government owned bodies providing banking services solely on behalf of government agencies.

Conclusion:
The Bank Company Act 1991 is an important piece of legislation which governs banks and other financial service providers in Australia. Its aim is to ensure customers are protected from unethical practices while ensuring appropriate risk management measures are taken by operators within the sector. By understanding, abiding ny and adhering to requirements set out under this act both consumers and providers can benefit from a safe, secure banking environment.