In a statement, ASIC said it had imposed conditions on Societe Generale Securities Services (SGSAPL) to ensure compliance with client money regulations, after the firm reported to the regulator that it had deposited money into unauthorised accounts between December 2014 and September 2018.
“To ensure compliance with the client money obligations set out in the Corporations Act 2001 and client money regulations, SGSAPL must appoint an independent expert to assess and test its controls, systems and processes to ensure compliance with the client money requirements of the Act and the regulations,” ASIC said.
“The independent expert must identify any deficiencies and set out any remedial action required in a report provided to both SGSAPL and ASIC.”
As part of the additional conditions, a qualified senior executive and board member within the company must provide an attestation to ASIC that all remedial actions recommended by the independent expert have been adopted.
If such attestations were not provided, SGSAPL would need to cease on-boarding new clients and refrain from charging brokerage fees to any Australian clients.
