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AFSL compliance

AFSL compliance

Quick links: Apply for a AFS licence | AFSL compliance requirements | Other legislative requirements | Regulatory guides | Compliance Plan | Compliance Manual | AML/CTF Special Program

Apply for an AFS licensees

See our detailed information about applying for an AFS licence here.

AFSL compliance requirements for AFS licensees

All AFS licenses must be supported by detailed compliance policies and procedures which are designed to ensure compliance of the licence with the AFS licence conditions and the Corporations Act 2001. Section 912A of the Corporations Act provides that a financial services licensee must comply with the conditions of its AFS licence, the financial services laws and must take reasonable steps to ensure that its representatives comply with the financial services laws. 

The compliance policies and procedures must be designed in consideration of the size, scale and complexity of the AFS licensee's financial services business. The compliance arrangements must be designed to protect consumer interests and make sure that the AFS licensee's financial services are provided efficiently, honestly and fairly.

The Licensee must:

The licence conditions may allow the AFS licensee to provide advice or deal in a variety of financial products and/or underwrite an issue of securities. Licensees who deal with retail clients must ensure that they comply with the requirements established under Chapter 7 of the Corporations Act.

To achieve these requirements, it is necessary to consider:

Other legislative requirements

In addition to meeting your obligations under the Corporations Act, an AFS licensee's compliance documentation must set out your financial services business’ compliance systems, measures, policies and procedures with:

Regulatory guides

The ASIC Regulatory Guides which relate to compliance requirements for AFS licensees are:

Depending upon your specific licence conditions, additional Regulatory Guides may apply.

Compliance Plan

The Compliance Plan is a high level document which documents the AFS licensee's compliance measures. The Compliance Plan should address all of the compliance measures which relate to the AFS licensee's legal obligations and licence conditions, how these measures will be implemented and monitored, who is responsible for monitoring the compliance measures and when these compliance measures will be reviewed.

Compliance Manual

The Compliance Manual documents all of the AFS licensees policies and procedures for compliance with its legal obligations.

Anti-money Laundering & Counter-terrorism Financing (AML/CTF) Special Program

The Anti-money Laundering & Counter-terrorism Financing ('AML/CTF') Special Program documents the AFS licensee's measures, systems, policies and procedures with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

Please see our detailed information on AML/CTF Programs here.

Updated as at 26 March 2013