The basic steps you need to follow when obtaining an Australian Credit Licence are:
You must ensure that the Responsible Managers (RMs) nominated in your application have the appropriate skills and experience to demonstrate organisational competence in each of the authorisations that your business is seeking.
Generally, ASIC requires RMs to have:
The qualifications required will depend on the type of licence being applied for.
Read more about the Responsible Manager requirements.
Sophie Grace can assist with assessing whether your RMs meet ASIC’s stringent requirements. Alternatively, we can put you in touch with candidates who will satisfy the requirements for the business you are seeking to operate.
You can also do our quiz below to see whether your RM is suitable.
The documents submitted to ASIC for your Australian Credit Licence application are known as ‘Proof Documents’.
Sophie Grace will work closely with you to prepare the following proof documentation to meet the requirements of your credit licence application:
After the submission of an application, ASIC often requires further information to accompany the application. Sophie Grace will prepare this information and/or documentation for you and liaise with ASIC on your behalf.
ASIC analyst appointed and initial check to ensure all proofs are received
Analyst commences assessment and makes requisitions for further information or documentation
You will be provided with a draft licence, along with any final requisitions
Final ACL received
Any entity that provides designated services must be enrolled with AUSTRAC within 28 days of commencing operation. Enrolment forms can be completed via AUSTRAC Online.
Credit licensees are required to notify ASIC of the appointment of any Credit Representative within 15 business days of the appointment via the ASIC Connect portal. Any changes to Credit Representative details are also required to be notified to ASIC within 15 business days.
It’s important you have established compliance procedures at this time to ensure you are meeting your ongoing compliance obligations.
Credit licensees must commence their credit services business within 6 months of receiving their final Australian Credit Licence. ASIC has the power to cancel an Australian Credit Licence if the licensee fails to commence its business within this timeframe. Credit licensees can request an extension of time from ASIC if there are genuine reasons to do so.
If you would like to obtain further information or assistance, please contact Sophie Grace directly.
Sophie Grace can provide you with an AML/CTF Program and can assist you to tailor it to your business’ needs. We have three different options available to suit your business and finance needs.
You can purchase template documents from our online shop. The template is an instant download and includes prompts to help you tailor the document yourself. We have template documents for:
Sign up to the Compliance Portal and receive the template AML/CTF Program Package, and obtain access to updated documents in light of any updates we make as new guidance or amended legislation is released. Choose between:
Sophie Grace can assist you to prepare the AML/CTF Program package based on your business’ specific requirements. Contact us to discuss further.
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