Compliance arrangements

Compliance arrangements

Before we can grant you a credit licence, you must demonstrate that you have processes in place to adequately monitor compliance with your licence conditions and the credit legislation.

For more information on what we think is required for compliance arrangements to be adequate, see Section B and C of RG 205. Your processes should be appropriate to the nature, scale and complexity of your business.

You will be asked a group of questions that are designed to obtain your confirmation that you have, or will have from the date your licence starts (if it is granted), adequate compliance arrangements and systems, including whether:

  • you have, or will have, a written plan that documents your arrangements and systems;

  • the arrangements, or proposed arrangements, specify how often compliance with procedures is monitored and reported on; and

  • there are people internal to your business who will be responsible for ongoing monitoring and reporting.

If you indicate that you will not, from the date your licence starts (if it is granted), have arrangements and systems to ensure compliance with the obligations, you will not be able to continue with the application because you would not meet the minimum requirements to be granted a credit licence.

 


This information comes from Regulatory Guide 204.

Last updated: 20/10/2014 12:00