Australian Online Casino Gaming
Finance with No Monthly Fees And No Minimum Balance Required. Apply today! Australia’s banking regulator says it had no cognition of the Bank of Queensland’s racey recent savings account that offers tickets in a monthly drawing rather than a competitive interest rate, despite claims it had approved it. The account has been criticized for encouraging gaming because it requires customers to forego an ordinary 3.5 per cent in yearly interest for the opportunity to win $20,000 a month. In standing up for the account yesterday, Bank of Queensland (BoQ) chief administrator David Liddy said the company had been through two years of examination and been accepted by the Australian Prudential Regulation Authority, as well as and state drawing commissions.
Advertizement: Article continues below Although an APRA spokesperson said the regulator had just learned about the product yesterday. It had not accepted the account, nor was it essential to. BoQ chief operating officer Ram Kangatharan was forced to defend his boss, who was on a flight when the revelation was made. Mr Kangatharan apologised and said Mr Liddy had been incorrect. However, he said the account had been granted the go ahead by the significant state and territory drawing commissions, who regulated savings accounts with trade promotions. “We can pretty much go ahead with it,” Mr Kangatharan said.