The Keel Standard: Our Commitment to ASIC & AUSTRAC
By The Keel Team
At Keel, we believe that Peace of Mind starts with more than just a great app. It starts with a foundation of absolute trust and transparency.
Because we are building a platform to help you manage your money, we aren't just holding ourselves to a high standard, we are holding ourselves to a Regulated Standard. This means we answer to Australia's highest financial watchdogs: ASIC and AUSTRAC.
Here is what that looks like behind the scenes as we prepare for launch.
ASIC: Lodging Our AFSL Application
To provide bill smoothing and payment services in Australia, a company must operate under an Australian Financial Services Licence (AFSL).
We have officially lodged our application with the Australian Securities and Investments Commission (ASIC) for an AFSL specifically tailored for a Non-Cash Payment Facility.
- Why this matters: Operating under an AFSL (once granted) means we must meet strict requirements regarding capital adequacy, professional indemnity insurance, and dispute resolution.
- Our Status: It is important to note that while our application is lodged and currently being reviewed by ASIC, we are not yet authorized to provide financial services. We are building our infrastructure now to ensure we hit the ground running the moment regulatory approval is finalised.
AUSTRAC: Preventing Financial Crime
Security isn't just about hackers; it's about the integrity of the financial system. Keel is a Reporting Entity with AUSTRAC (the Australian Transaction Reports and Analysis Centre).
We are implementing rigorous Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) programs. By partnering with bank-grade identity providers like FrankieOne, we ensure that every user on our platform is verified. This protects our community and ensures that Keel remains a safe, clean, and compliant ecosystem for your money.
The "Why": Why Choose the Hard Path?
Many startups choose to move fast and break things by operating in unregulated grey areas. We chose the opposite.
We chose the Regulated Path because:
- Accountability: We want to be held accountable by independent government bodies.
- Protection: Regulation provides a framework that protects you, the user.
- Longevity: We aren't building a growth hack. We are building a long-term financial stabilizer for Australian households.
The Voyage Ahead
We are currently in a Pre-Launch phase. This means we are focused on the heavy lifting, the legal, technical, and compliance work required to be a world-class financial service provider.
We look forward to sharing more updates as we move through the regulatory process.