There are various key benefits of engaging an ACL compliance expert including:

1. Cost – a more cost-efficient process as an external ACL compliance expert would, in most cases, be cheaper compared to hiring an internal compliance officer or a compliance team, particularly when you are a boutique or mid-sized business;

2. Expert – receiving a service and advice from an expert that is, on a daily basis, more exposed and focused on specific obligations and requirements that affect a Credit Licensee;

3. Workload – decreasing your workload on maintain your compliance duties with the support of an external ACL compliance expert allowing you to place an increased focus on your primary operations and increasing your business’ revenue;

4. Efficiency – spend less time having to develop and implement a compliance program as an external ACL compliance expert can implement a compliance program for you immediately as your ACL obligations begin as soon as you are granted an ACL;

5. Updates – receiving updates on any amendments to related legislation and regulations including an update to an implemented compliance system to ensure continuous compliance with any new or updated obligations;

6. Notifications – receiving ongoing notifications and reminders for any lodgement requirements with various government agencies that are obligatory with your ACL;

7. Training – receiving training sessions that assist you in meeting your training requirements under your ACL including for responsible managers, employees and other representatives of the Credit Licensee; and

8. Confirmation – receiving a confirmation from an external ACL compliance expert that you are compliant with the obligations under your ACL for a specific period of time providing assurance.