ONGOING REGULATORY & CORPORATE COMPLIANCE
Ongoing compliance and entity maintenance
Approval or registration is not the end point. Establish a responsibility checklist covering the actual authorisation, designated services, and company and tax obligations, and regularly review personnel, financial, client and reporting requirements.
Check AFSL, AUSTRAC, ACL, APRA and company tax obligations separately; assess the impact of any new services or changes to directors or control before implementation.
KEEP THE OPERATING MODEL ALIGNED
Seven ongoing maintenance priorities
Authorisations aligned with actual operations
Before introducing a new product, service or customer type, check current authorisations, restrictions and whether changes are required.
Read the relevant requirements02Key persons and governance
Arrangements for responsible managers, compliance officers and resident directors, and the transfer of responsibilities, must remain genuine, continuous and demonstrable.
Read the relevant requirements03Financial resources and client assets
Applicable cash flow, capital, net tangible assets, insurance and client money arrangements must continue to meet the conditions.
Read the relevant requirements04AML/CTF risks and clients
Risk assessment, customer due diligence, monitoring, sanctions and handling of suspicious matters must be proportionate to the business risks.
Read the relevant requirements05Reporting, records and assessments
Complete reporting, record keeping and independent assessments within the applicable time limits; an annual plan does not replace immediate obligations.
Read the relevant requirements06Registration renewal and information updates
RSP/VASP Registration, designated services and updates to controlling-person details are managed separately.
Read the relevant requirements07Company annual review and tax cycle
ASIC Assign responsibility for the annual review, changes to particulars, tax returns and accounting records.
Read the relevant requirementsRGYS can, within the agreed scope, provide assistance with establishing and maintaining checklists, organising documents and coordinating with professionals. The entity itself and its responsible persons remain liable for their statutory obligations; those obligations are not transferred by engaging an external service provider.
Discuss ongoing maintenance requirementsLET’S DEFINE YOUR NEXT STEP
Clarify the business scope first, then plan the application pathway.
Tell us about the proposed business, customer categories and whether you are considering an application or acquisition; Mr Tang will discuss the preparations with you.