Chapter 7 of the Corporations Act 2001 (Cth) requires an entity to hold an AFSL if the entity carries on a business involving the provision of a financial service and/or a financial product.
Financial services are defined in the Act as:
Classes of financial products are also defined and include those listed in the opposite graphic.
Financial products are defined as an instrument used to:
An entity may apply to be authorised to provide one or more types of financial services, and/or provide one or more financial product class to retail and/or wholesale clients. Financial product/service delineations and boundaries are complex and it is easy to overlook or inaccurately define an aspect of your activities.
If it’s unclear whether you need an AFSL, or which authorisations are appropriate for your business, we suggest you obtain formal legal advice from our legal division (which gives you protection in the event of ASIC scrutiny). There are serious penalties and repercussions for operating without an AFSL or without the correct authorisations.
If you would like to obtain further information or assistance regarding an AFSL for your firm, please contact Sophie Grace directly.
Sophie Grace’s Director, Sophie Gerber, introduces the AFSL series with some basic information on whether you need an AFSL.
Director
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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