Banking Regulatory Compliance

Credit Licensing & AFSL Compliance

We provide comprehensive advice on credit licensing and financial services licensing under the Australian regulatory framework. The Australian Credit Licence is required for entities engaging in credit activities, including providing credit, suggesting or applying for credit, and acting as an intermediary or broker. We advise clients on whether their proposed activities require an ACL, the scope of the licence authorisation required, and the application process. Our licensing advice covers the fit and proper person requirements, organisational competence requirements, financial resource requirements, AFCA membership, and compliance and risk management systems. For entities requiring an Australian Financial Services Licence, we advise on the licensing requirements under the Corporations Act, the licence application process, and the ongoing compliance obligations for AFSL holders, including the general obligations under section 912A of the Corporations Act.

Responsible Lending & Consumer Credit Compliance

The National Consumer Credit Protection Act imposes responsible lending obligations on licensees engaged in credit activities, requiring them to assess the suitability of credit contracts for consumers and to not enter into unsuitable credit contracts. We advise lenders and credit providers on their obligations under the responsible lending framework and assist in developing compliant policies, procedures, and systems. Our advice covers the obligation to make reasonable inquiries about the consumer's financial situation, to take reasonable steps to verify the consumer's financial situation, to make an assessment of whether the credit contract is unsuitable, and to give the consumer a copy of the unsuitability assessment. We also advise on the hardship obligations under the NCCP Act and the National Credit Code, including the obligation to consider hardship variation requests from consumers experiencing financial difficulty.

AML/CTF Compliance & Regulatory Risk Management

Australia has a robust anti-money laundering and counter-terrorism financing regime administered by AUSTRAC. Financial institutions, credit providers, and other reporting entities must maintain comprehensive AML/CTF compliance programs to meet their obligations under the AML/CTF Act and AML/CTF Rules. We advise clients on all aspects of AML/CTF compliance, from the initial development of AML/CTF programs through to the ongoing operation of AML/CTF systems and response to AUSTRAC inquiries and enforcement actions. We advise on AML/CTF risk assessments, customer due diligence requirements including identification and verification procedures, beneficial ownership identification, politically exposed persons screening, and ongoing customer due diligence. Our practice covers transaction monitoring programs, suspicious matter reporting, and threshold transaction reporting obligations.

Privacy, Data Protection & Regulatory Investigations

Privacy compliance is an increasingly important aspect of banking and credit regulation. We advise financial institutions and credit providers on their obligations under the Privacy Act 1988, the Australian Privacy Principles, the Credit Reporting Code, and the Notifiable Data Breaches scheme. Our credit reporting practice covers compliance with Part IIIA of the Privacy Act and the Credit Reporting Code, including obligations in relation to disclosure of credit information to credit reporting bodies and use of credit reports in credit assessment. We advise on management of data breaches and notifiable data breach reporting obligations. Our regulatory investigations practice represents clients in investigations and enforcement actions by ASIC, APRA, AUSTRAC, and the OAIC, including preparation of responses, management of privilege, and representation in proceedings.

Banking Regulatory Compliance FAQs (Queensland Law)