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…
Introduction Securing an Australian Financial Services Licence (AFSL) requires an AFS licensee to demonstrate organisational competence under the Corporations Act 2001 (Cth). The Australian Securities and Investments Commission (ASIC) assesses this competency through the appointment of a responsible manager (RM)…
Introduction Securing an Australian Financial Services Licence (AFSL) requires applicants to pass the fit and proper person test mandated by Section 913BA of the Corporations Act 2001 (Cth). While this assessment can feel thorough—as the Australian Securities and Investments Commission (ASIC)…
Reforms to the AML/CTF Act that took effect on 31 March 2026 established specific governance requirements for reporting entities. Under this framework, businesses must appoint an AML/CTF senior manager who holds personal, non-delegable obligations to approve risk assessments and compliance…
Introduction Reforms under the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024 (Cth) (‘AML/CTF Amendment Act‘), which commenced on 31 March 2026, introduced new customer due diligence requirements in Australia. Managing money laundering and terrorism financing risks remains a core…
Introduction Initial customer due diligence is a mandatory process for Australian reporting entities to identify a customer and assess their customer risk before they provide a designated service. Under the upcoming anti-money laundering and counter-terrorism financing reforms commencing on 1…
Introduction Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (‘AML/CTF Act‘), Australian reporting entities must conduct enhanced customer due diligence to manage and mitigate high risks of money laundering and terrorism financing. This rigorous level of customer identification…
