If you currently operate a financial services business and hold an Australian Financial Service Licence (AFSL), you are required to remain compliant with strict requirements under the Corporations Act 2001 (Cth) (Corporations Act). AFSLs are subject to a range of obligations, including but not limited to, general conduct obligations, capital requirements, organisational competence and reporting requirements with most obligations varying depending on whether an AFSL contains a wholesale only authorisation or a retail authorisation. It is important to engage an AFSL compliance expert to assist you in ensuring you remain compliant with the various obligations set out in the Corporations Act as an AFS licensee. This article explores the key benefits of engaging an AFSL compliance expert and how Adria Law can assist you.

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Key Benefits of Engaging an AFSL Compliance Expert

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There are various key benefits of engaging an AFSL compliance expert including:

1. Cost – a more cost-efficient process as an external AFSL compliance expert would, in most cases, be more affordable compared to hiring an internal compliance officer or a compliance team, particularly when you are a boutique or mid-sized financial services business;

2. Expert – receiving a service and advice from an expert that is, on a daily basis, more exposed and focused on specific obligations and requirements that affect an AFS licensee;

3. Workload – decreasing your workload on maintain your compliance duties with the support of an external AFSL compliance expert allowing you to place an increased focus on your primary operations and increasing your business’ revenue;

4. Efficiency – spend less time having to develop and implement a compliance program as an external AFSL compliance expert can implement a compliance program for you immediately as your AFSL obligations begin as soon as you are granted an AFSL;

5. Updates – receiving updates on any amendments to financial services related legislation and regulations including an update to an implemented compliance program to ensure continuous compliance any new or updated obligations;

6. Notifications – receiving ongoing notifications and reminders for any lodgement requirements with various government agencies that are obligatory with your AFSL;

7. Training – receiving training sessions that assist you in meeting your training requirements under your AFSL including for responsible managers, employees and other representatives of the AFS licensee; and

8. Confirmation – receiving a confirmation from an external AFSL compliance expert that you are compliant with the obligations under your AFSL for a specific period of time providing assurance and allowing a smoother process through the annual audit process.

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As an AFS licensee, it is vital to have a compliance program in place to ensure you remain compliant with the strict requirements set out in the Corporations Act. It is substantially beneficial to engage an external AFSL compliance expert to assist you in implementing a compliance program and continuously monitoring your obligations as an AFS licensee to avoid any compliance issues.

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At Adria Law, we provide an extensive service which we have developed to assist you, as an AFS licensee, to ensure you constantly remain compliant with your obligations and so you can put more focus on enhancing your business’ primary operations and increasing revenue and less on your backend compliance duties.

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How We Can Help

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Adria Law are experts in assisting AFS Licensees remain compliant with the strict requirements set out in the Corporations Act and relevant regulations and collaborate closely with you to implement a compliance program to suit your business operations and continuously monitor your compliance with your obligations under your AFSL. We provide this service either on an initial basis including implementing a comprehensive and tailored compliance program for your business and/or conduct an annual review of your compliance program and policies, or on an ongoing basis where we collaborate closely with you to ensure you continuously meet your obligations under your AFSL. 

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If you are an AFS licensee, contact our experienced lawyers today for a free consultation.