Personal Information Collection Notice Payments Settlements – RITS

All RITS Members and organisations applying for or enquiring about RITS membership and all operators of systems external to RITS which have been authorised by the Reserve Bank of Australia (Reserve Bank) to enter transactions for settlement into RITS on behalf of the participants of the relevant system (feeder system operators) are responsible for ensuring that a copy of this Notice is given to all relevant employees within their organisation, including all RITS membership contacts, users, authorised signatories, contact persons or senior executives whose personal information may currently or in the future be provided to the Reserve Bank.

The Reserve Bank collects personal information of the staff of RITS Members, applicants for RITS membership and feeder system operators, such as name, title and position, work telephone number, mobile phone number, email address, fax number, work address and other personal information (the Information) in order to fulfil one or more of the following functions:

  • Setup of new Members and users in RITS
  • Identification and verification of users and authorised signatories
  • Communication with RITS Members, users, authorised signatories and other relevant contact persons, through email, telephone, SMS, fax or post
  • RITS billing & payment
  • Managing the operation of RITS, including for contingency purposes, and participation in Reserve Bank domestic market operations including repurchase agreements
  • Facilitation of communication between RITS Members
  • Communication with domestic and international Government and regulatory agencies and industry groups
  • Checking due execution of agreements and forms by RITS Members and applicants for membership, and/or
  • Facilitating the receipt of instructions to settle transactions in RITS.

Some of the Information is received by the Reserve Bank from the relevant RITS Member, applicant for membership or feeder system operator. Some information may come from company searches conducted of the records of the Australian Securities and Investments Commission.

When individuals deal with the Reserve Bank by telephone in connection with the operation of the RITS Regulations it is possible that the call may be recorded (whether this is the case will depend on which staff within the Reserve Bank an individual is dealing with). These recordings are made for verification, consent and authentication purposes. By dealing with the Reserve Bank by telephone in connection with the operation of the RITS Regulations, individuals consent to recordings being made of their conversations.

The collection of some of the Information is required by one or more of the Reserve Bank's Anti-Money Laundering Policy, the Reserve Bank's Sanctions Policy and their respective associated guidelines and procedures, which are designed to manage the Reserve Bank's money laundering, terrorism financing and economic and trade sanctions risks and may require the Reserve Bank to check and verify the identity of individuals.

If the Information were not collected then the Reserve Bank would not be able to setup new RITS Members and users, process RITS billing and payments, communicate with RITS Members and users, maintain contact information, ensure the effective operation of RITS including for contingency events, ensure requests and instructions received are correctly authorised, engage with domestic and international Government and regulatory agencies and industry groups and facilitate interbank settlements.

The Reserve Bank facilitates communication between RITS Members by providing access to business contact details for each RITS Member to the users of all RITS Members. Some of these users may be located outside of Australia. Personal Information about users of a RITS Member is available to other users of that RITS Member, either via the RITS user interface or where provided by us to other users of that RITS Member. Some of these users may be located outside of Australia.

The Reserve Bank may in some limited circumstances share limited business contact details of employees of RITS members with other Governmental and regulatory agencies, service providers and/or professional advisers of the Reserve Bank.

The Reserve Bank will disclose the personal information of users and authorised signatories if required or permitted under, or for the purposes of, the RITS Regulations and relevant RITS Membership Agreements.

The Reserve Bank is likely to disclose some of the Information to overseas recipients such as relevant employees, users and contact persons of RITS Members who have login access to RITS but are located in overseas offices.

The RITS membership list provides an indication of the likely overseas locations of the offices and users of RITS members.

Individuals are entitled under Australian privacy law in certain circumstances to access, and seek correction of, personal information about them held by the Reserve Bank. If you wish to access or update the personal information the Reserve Bank holds about you, or if you have an enquiry or complaint about how the Reserve Bank handles personal information, you can contact:

RITS Help Desk:

Phone 1800 659 360 or +61 2 9551 8930

Reserve Bank's Privacy Officer:

Phone +61 2 9551 8111

More information about access, correction and complaints is in the Reserve Bank's Privacy Policy.