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ARTICLE · 13 MARCH 2023

Compliance Committees in financial services – why do we need them?

Holley Nethercote
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Compliance Committees in financial services help an entity to monitor its compliance with its regulatory obligations.

AustraliaFinance and Banking
Rachel Erlich
Rachel Erlich
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The term Compliance Committee is used in a variety of contexts in financial services. It may be a reference to a committee that is required by law, or it may be a reference to a committee that is not required by law.

It may be a reference to:

  1. the Compliance Committee of a registered managed investment scheme that is required by law;
  2. the Compliance Committee of an Australian Financial Services Licence (AFSL) holder or Australian Credit Licence (ACL) holder that is not required by law but that forms part of the licensee's overall governance framework; or
  3. the Compliance Committee of a reporting entity under the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime that is not required by law but is designed to ensure that the reporting entity maintains management oversight of its compliance with its AML/CTF obligations.

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