ASIC does not specify a minimum requirement of training hours for Responsible Managers and representatives under a Limited AFSL, however, twenty (20) hours is generally accepted as the industry standard. Responsible Managers and representatives should consult their training plans (or Compliance Officer) to confirm the minimum number of training hours they are required to complete, and also ensure they are recording details of all training hours completed, including the following information as a minimum:
e.g. publication, conference, in-house training
e.g. general knowledge, ethics, compliance, legislative
e.g. how many hours of training were completed
Responsible Managers must be able to demonstrate they have the training or qualifications needed to satisfy the organisational competence requirements outlined in RG 105.
All Responsible Managers and representatives must participate in continuing professional development in order to meet the training competency requirements set out in RG 104.
Training must be continuously conducted at an appropriately high level and cover:
Each Responsible Manager and representative should have a new training plan prepared at least annually for the following twelve (12) month period.
Training plans should address how Responsible Managers and representatives will:
Responsible Managers and representatives working under a Limited AFSL dealing with retail clients should also ensure they are complying with RG 146.
Responsible Managers and representatives working under an AFSL that also authorises them to provide personal advice to retail clients will need to comply with the personal financial advice requirements.
Completing ongoing training each year is a simple way for Limited AFSL holders to ensure they are maintaining their organisational competence to provide financial services. Because of the number of hours required to meet the requirements, Responsible Managers and representatives should ensure they are completing training hours continuously throughout the year rather than having to put aside a large chunk of time right before their company deadline.
Senior Management should review the training progress of all representatives as well as themselves to ensure they too are completing the required hours.
For more information on training requirements and how we can assist you, please contact us.
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.
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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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