AFSL compliance services are a vital aspect of operating a financial services business in Australia. These services are designed to ensure that businesses holding an AFSL are compliant with the Corporations Act 2001 (Cth) and regulations set forth by the Australian Securities and Investments Commission (ASIC). In this article, we will explore the various compliance services available to you by King Irving and why they are important for the smooth operation of a financial services business.
Ongoing Compliance Services
AFSL compliance services are ongoing services that ensure an AFS licensee remains compliant with regulations after the AFSL has been granted
Compliance Plans and Procedures
One of the most important ongoing compliance services offered by King Irving is the review and updating of compliance plans and procedures. This involves regular reviews of an entity’s policies and procedures to ensure they are up-to-date and in line with their regulatory requirements. This can be provided by King Irving quarterly and is important as regulations are constantly changing and entities need to ensure they are adhering to the latest rules and standards.
Monitoring and Reporting
Another key service is monitoring and reporting. This includes monitoring the AFS licensee’s activities to ensure compliance with regulations and reporting of any issues or potential non-compliance to the relevant authorities. This is critical as it allows us to help our clients identify and address any compliance issues before they become major problems.
Compliance risk management is also a vital ongoing compliance service. This involves King Irvng implementing processes for identifying and assessing compliance risks, implementing controls to mitigate risks, and monitoring the effectiveness of those controls. This is important as it helps entities identify potential issues and take steps to prevent them from occurring.
Training and Education
In addition to these services, compliance training and education from King Irving is important for ongoing compliance. This involves us providing training and education to Responsible Managers and Respresentatives of an AFSL on compliance-related topics, such as changes in regulations, industry best practices, and internal policies and procedures. This helps us ensure that our clients are aware of the regulations they need to comply with and know how to do so as well as meeting their ongoing training requirements.