ACL Compliance Solutions

Sophie Grace provides a variety of services to businesses in the credit industries to ensure the regulatory requirements related to holding an Australian Credit Licence (ACL) are met.

Sophie Grace assists all types of credit businesses including but not limited to:

  • loan/credit issuers (whether small or large)
  • loan arrangers (brokers);
  • loan advisers; and
  • debt collectors.

Compliance obligations for holding an ACL must be regularly attended to, whether on a monthly, quarterly or yearly basis. With this in mind, Sophie Grace can provide credit businesses with tailored ongoing compliance solutions. Our tailored solutions include but are not limited to:

  • conducting a regular review and updating compliance policies and registers
  • preparation of regular compliance reporting to internal Compliance Committees or Board of Directors
  • creation of a compliance calendar to appropriately distribute the compliance workload to responsible persons and make it easier to meet obligations
  • lodging the Annual Compliance Certificate to ASIC as well as assisting with other statutory filings
  • responding to compliance questions and issues
  • review of client files limited to a review of disclosure and Know Your Customer (“KYC”) obligations
  • liaising with internal compliance personnel and assisting with responses to regulator queries
  • conducting marketing reviews for any marketing material to be released; and
  • conducting an external compliance review.

Sophie Grace can provide ongoing compliance support in relation to the following:

  • compliance plans and management frameworks
  • compliance reporting
  • compliance procedures and policy documents
  • compliance training (including competence of representatives)
  • Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) and AUSTRAC
  • Corporate Governance
  • compliance counsel
  • risk management systems
  • conflicts management systems
  • ASIC regulations and guidance
  • disclosure
  • conflicts of interest
  • complaints
  • breaches and incidents
  • insurance; and
  • outsourcing.

Sophie Grace has also developed a summary of the ACL compliance requirements credit businesses are required to adhere to. Read our summary here.

If you would like to obtain further information or assistance, please contact Sophie Grace directly.