G2 is an Australian financial services regulatory advice and licensing business. We have the experience and the network to either assist you establish your business as an Australian financial services licensee, or to review and help maintain your current risk and compliance framework to ensure you are operating in accordance with the Corporations Act and the AML/CTF Act.
AFSL Compliance
Individuals and companies that provide financial products and services in Australia are usually required to have an Australian Financial Services Licence (AFSL) with the appropriate dealing and advice authorisations. Each AFSL will have conditions attached as well as obligations under the Corporations Act 2001 (Cth) which must be adhered to.
As experienced financial services compliance advice providers, we can assist AFS licensees with their compliance requirements. The key areas that we can help with include:
- assistance with AFSL applications and variations
- advice regarding the selection of responsible managers
- help with drafting your compliance policies and procedures
- external reviews of your AFSL compliance framework
- ongoing ad hoc AFSL compliance advice
AFSL application and variation
The process we follow for helping you to apply for a new AFSL or vary a current licence is as follows:
- Determine the appropriate authorisations needed for your AFSL
- Assess potential Responsible Managers against ASIC Regulatory Guide 105 requirements
- Prepare and process the e-licensing application draft on your behalf
- Assist with preparing the numerous proofs required by ASIC (e.g. details of organisational expertise and Responsible Managers, compliance arrangements, financial requirements, risk management, etc.)
- Provide guidance and simplified instructions on proofs that require your input
- Review the application with you before it is lodged with ASIC
- Act as a point of contact with the ASIC analyst who assesses the application
- Provide assistance with AUSTRAC enrolment as a designated services provider
- Assist with the drafting of your AML/CTF program if required.
External Review
In order to meet your general obligations as an AFS licensee it is important to consider an external review of your compliance framework to ensure your policies and procedures are adequate for the size and scale of your business. We can assist you to decide the scope of the review and undertake the following process for your business:
- A review of the client’s business activities in relation to its AFS licence authority
- A gap analysis to assess the client’s current compliance arrangements and identify any areas that may require remediation.
- Provide a final report on G2’s findings
Training – Online/Onsite
Ensuring that your employees continue to have the relevant knowledge and competence to provide financial services is a requirement under the Corporations Act.
G2 can provide an appropriate training solution that fits within your business model.
We offer both online training modules and face to face sessions that are always up to date with market relevant content.