A person who carries on a financial services business in Australia must hold an Australian financial services licence (AFSL) under Section 911A of the Corporations Act 2001 (Cth) (‘Corporations Act‘). Narrow statutory exemptions under subsection 911A(2) allow certain domestic companies,…
Introduction Foreign financial services providers (FFSPs) dealing with Australian clients face a core legal requirement: anyone carrying on a financial services business in Australia must hold an Australian financial services licence, unless an exemption applies. With existing transitional relief set…
Introduction For reporting entities, record keeping is a standalone anti-money laundering (AML) obligation rather than just an administrative exercise. Reporting entities must create and retain accurate records to demonstrate compliance with their duties and to support the supervisory and investigative…
Introduction Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime for the digital asset sector expanded significantly with reforms that commenced in 2026. This expansion means a wider range of virtual asset services are now considered a designated service. VASPs that…
Introduction Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime was significantly expanded through the Tranche 2 reforms. The reforms were enacted principally through the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) (AML/CTF Amendment Act), with the obligations applying to newly…
Introduction Bendigo and Adelaide Bank Limited has admitted breaching its obligations under the former Banking Executive Accountability Regime (BEAR) following a 2023 cyberattack involving its Alliance Bank business. On 10 August 2026, the Australian Prudential Regulation Authority (APRA) commenced civil…
Introduction On 21 July 2026, APRA granted Revolut Payments Australia Pty Ltd an unrestricted authorised deposit-taking institution licence under the Banking Act 1959 (Cth) (‘Banking Act‘), together with a non-operating holding company licence for Revolut Australia NOHC Pty Ltd. Operating…
Introduction For most responsible managers (RM), ongoing training feels like just another box to tick, but in 2026, it may serve as a shield against potential liability. The Australian Securities and Investments Commission (ASIC) expects an AFS licensee to comply…
Introduction Obtaining an Australian financial services licence (AFSL) is a mandatory requirement for businesses wanting to provide financial services. Under the Section 913B of the Corporations Act 2001 (Cth), the Australian Securities and Investments Commission (ASIC) must refuse an application…
Introduction Obtaining an Australian financial services licence (AFSL) is a major step for businesses operating in the financial services industry in New South Wales and across the country. Following process change that took effect on 16 June 2025, applicants must…
Introduction Founders are often told that getting an Australian Financial Services Licence (AFSL) takes a few months, but actual processing times are much longer for complex business models. In the 2026 regulatory environment, the Australian Securities and Investments Commission (ASIC)…
Introduction For fintech founders and compliance officers, expanding your operations may require a variation to the conditions of your Australian Financial Services Licence (AFSL). In May 2025, the Australian Securities and Investments Commission (ASIC) introduced a new Regulatory Portal, and by…
