ASIC

ASIC stands for Australian Securities and Investments Commission and it is an independent Australian Government body established under the Australian Securities and Investments Commission Act 2001. It regulates consumer credit, corporate, financial services, and markets. ASIC monitors the performance of the financial system in Australia thereby giving consumers confidence when interacting with financial service providers.

Money transfer service companies operating in Australia must apply and obtain the Australia Financial Services (AFS) license issued by ASIC. For instance, TorFX’s AFS License number is 246838 while that of WorldFirst is 331945

Providers holding AFS licenses are under obligation to provide fair and honest financial services. They must also comply with the Corporations Act 2001. For instance, they must separate client funds from their business funds to ensure funds safety even when the providers go through periods of financial turmoil.

Together with the Australian Transaction Reports and Analysis Centre (AUSTRAC), ASIC ensures that money transfer service providers are not used as conduits for proceeds of financial crime.