Australian AFSL for Payments & FX

Professional staff (Responsible Manager & Director) can stay with new owner, ensuring operational continuity and institutional knowledge transfer. This is a brand-new AFSL license with no prior audit required, Professional Indemnity (PI) insurance already in place, and immediate operational capability for payments and FX services.
The license authorizes comprehensive financial services, including non-cash payment products, FX contracts, payment processing, and market-making in foreign exchange with overnight FX rate locks and swap contracts for payment/remittance purposes.

Authorized Activities Under AFSL

1. Provide general financial product advice for:
• Deposit & payment products (non-cash payment products only)
• Foreign exchange contracts
2. Deal in financial products by:
• Issuing, applying for, acquiring, varying, or disposing of:
• Deposit & payment products (non-cash payment products)
• Foreign exchange contracts
• Acting on behalf of another person for the above products
3. Make a market for:
• Foreign exchange contracts (to retail & wholesale clients)

Key License Activities & Services

• Provide payment solutions and non-cash payment products (such as digital payments, transfers, wallets, prepaid/payment solutions, or card-related services).
• Offer foreign exchange (FX) services, including currency exchange and FX conversion.
• Facilitate and process payments on behalf of clients.
• Issue or manage payment-related financial products for customers.
• Buy, sell, or arrange FX contracts for clients.
• Act as an intermediary for payment and FX transactions.
• Operate FX dealing activities and quote exchange rates directly to customers (“make a market” in FX).

Frequently Asked Questions (FAQ)

How quickly can I start operating after purchasing this AFSL?
You can begin operations immediately after the ownership transfer and ASIC notification. The license is brand-new, PI insurance is in place, and no audit has been required yet, meaning there are no pending compliance obligations.
Can the Responsible Manager and Director stay with the company?
Yes. The Responsible Manager and Director are willing to remain with the company after the ownership transfer, ensuring operational continuity and maintaining license validity without the need to appoint new compliance personnel.
What is the difference between this AFSL and an AUSTRAC DCE license?
This AFSL covers payments and FX services (non-cash payments, digital wallets, FX contracts, market-making), while an AUSTRAC DCE license covers cryptocurrency exchange (fiat-to-crypto, crypto-to-fiat). They serve different business models and regulatory frameworks.
Does the license cover both retail and wholesale clients?
Yes. This AFSL authorizes services to both retail and wholesale clients, giving you maximum market flexibility without needing additional license variations.
Is Professional Indemnity (PI) insurance included?
Yes. PI insurance is already in place for the license. You’ll need to manage renewal post-transfer, but coverage is active at the time of acquisition.
Will I need to undergo an audit immediately after purchase?
No. No audit has been required yet for this brand-new license. Your first audit will follow the standard ASIC timeline based on the company’s financial year-end.
Can I offer overnight FX rate locks and swap contracts?
Yes. The license explicitly authorizes FX market-making activities, including overnight FX rate locks and swap contracts for payment and remittance purposes.
What payment products can I offer under this AFSL?
You can offer non-cash payment products, including digital payments, money transfers, digital wallets, prepaid cards, and card-related services.
Can I add crypto services to this license later?
No. This AFSL covers traditional payments and FX only. For crypto services, you would need a separate AUSTRAC DCE registration. Some companies hold both licenses for comprehensive coverage.
What is the purchase price, and what’s included?
The price is 3,400,000 AUD. This includes the AFSL license, PI insurance, existing corporate structure, and optional retention of the current Director and Responsible Manager. Legal due diligence and ASIC transfer fees are additional.