- APRA takes action against unauthorised banking businesses

The Australian Prudential Regulation Authority (APRA) has sought an injunction in the Federal Court of Australia to restrain an individual from engaging in unauthorised banking business and using the word “bank” without the appropriate licence.

The Respondent in the proceedings is Andrew Morton Garrett whose purported businesses include Dynamic Capital Bank, Banque de Capital Dynamique, and Banca di Como.

The Respondent is allegedly operating and marketing businesses in Australia that he describes as banks, despite not being authorised to carry on a banking business. He has ignored a demand from APRA to stop referring to these businesses as “banks” and cease carrying on any unauthorised banking business.

Under the Banking Act 1959, only authorised deposit-taking institutions (ADIs) licensed by APRA are legally permitted to carry on banking business in Australia, including referring to themselves as “banks” or describing their services as banking.

Financial Education Professionals acknowledges the Traditional Owners of Country throughout Australia. We pay our respects to Elders past, present and emerging.