New Funds Managers & New Products
New Fund Managers
For new funds managers, Business Operations and Compliance Systems (BOCS) works with you to develop and implement the compliance and risk management framework required to obtain an Australian Financial Services Licence (AFSL) and other licences.
For new products, we assist you to develop structures, for example domestic ASIC registered schemes and offshore-domiciled schemes such as Cayman Islands and British Virgin Islands.
Using our extensive range of industry contacts, we can also assist you to identify other professionals whose services you will require during the start-up phase — legal, IT, HR, audit, insurance etc.
Existing Funds Managers
For existing funds managers, we evaluate your current compliance and risk management framework. We identify its strengths, weaknesses and deficiencies and work with you to make the necessary improvements.
For new credit licensees help with the ACL application and implementation of the policies and procedures required to operate.
Listed Investment Companies
For listed investment companies we provide an online monitoring tool to ensure all the ASX Listing Rule obligations are met.
For existing financial services licensees, we review systems, policies and procedures and actual work practices to ensure compliance in meeting your AFS licensing conditions and general obligations as set out in section 912A of the Corporations Act 2001.
We conduct our reviews with reference to the Corporations Act 2001, ASIC Regulatory Guidelines, other relevant laws and relevant Australian Standards, including:
•ISO 19600:2015 Compliance management systems
•ISO 31000:2018 Risk management – Principles and guidelines
•AS/NZS 10002:2006 – Guidelines for complaints handling in organisations
Anti-Money Laundering and Counter-Terrorism Financing
Australia’s national Anti-Money Laundering and Counter-Terrorism Financing Act took effect on 12 December 2006.
BOCS’ Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) consulting services cover:
•identification of designated services provided
•risk program review
•customer identification, risk profiling and verification systems
•review of agents’ AML systems
•compliance reporting to management, board of directors and AUSTRAC (designated group reporting)
•employee screening processes
•appropriate amendment of Compliance Plans, procedures and offer documents
•independent AML review