Meet ASIC and APRA compliance requirements with comprehensive screening for financial services professionals. Credit checks, police checks, and fit-and-proper person assessments.
Overview
The Australian financial services industry operates under strict regulatory oversight from ASIC and APRA. The Corporations Act 2001, the Banking Act 1959, and APRA prudential standards collectively require financial institutions to ensure that key personnel meet "fit and proper" person requirements — including satisfactory background checks.
ASIC Regulatory Guide 105 (RG 105) sets out the fit and proper person requirements for Australian Financial Services (AFS) licence holders and their responsible managers. APRA's CPS 520 further requires regulated entities to assess the fitness and propriety of responsible persons, including their criminal history, financial soundness, and qualifications.
Refchecks helps banks, insurers, wealth managers, and financial advisory firms meet these obligations with automated police checks, credit history reports, qualification verification, and reference checks — all documented for regulatory audit purposes.
Compliance
AFS licence holders must ensure responsible managers and key personnel are of "good fame and character." This requires criminal history checks, bankruptcy searches, and assessment of any prior regulatory action or banning orders under ASIC Regulatory Guide 105.
Australian Securities and Investments Commission (ASIC)
APRA-regulated entities (banks, insurers, superannuation funds) must assess the fitness and propriety of responsible persons. This includes criminal history checks, financial soundness assessment, and verification of qualifications and experience.
Australian Prudential Regulation Authority (APRA)
Under the AML/CTF Act, reporting entities must conduct employee due diligence to prevent money laundering and terrorism financing. This includes screening employees who handle transactions, customer identification, and suspicious matter reporting.
AUSTRAC
Financial institutions commonly require credit history checks for employees in positions involving financial decision-making, access to client funds, or management of financial products. This helps identify potential conflicts of interest or financial pressure.
Industry Standard / APRA CPS 520
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