This note provides an overview of Australian Financial Services Licence (AFSL) regulation by the Australian Securities and Investments Commission (ASIC). It covers which financial services businesses must hold an AFSL. It identifies key areas of risk to be managed by AFSL holders and considers the general obligations on AFSL holders. These include financial requirements, responsible managers, general compliance and risk management, monitoring, supervision and training, technological and human resources, managing conflicts of interest, dispute resolution and compensation and insurance arrangements for AFSL holders. This note also provides an overview of the effect of non-compliance with AFSL obligations on AFSL holders and their directors and general tips for AFSL risk management.