The ACCC has granted interim authorisation with conditions to the Australian Banking Association (ABA), its member banks, and other relevant industry participants to facilitate implementation of business continuity measures in the event of suspension or disruption to cash services in Australia.
The interim authorisation is limited to the further development and implementation of business continuity measures that have been discussed in, or arise out of, meetings of working groups established by the Reserve Bank.
Late last year, the ACCC granted interim authorisation to the ABA and other industry and regulatory stakeholders to collaborate on development of short, medium and longer-term responses to support ongoing access to cash, the implementation of which would be the subject of separate applications to the ACCC. This application is an anticipated outcome of those discussions.
Further details about the application and this interim authorisation are available on the ACCC’s public register.