The Australian Securities and Investments Commission (ASIC) announced imposing additional conditions on the Australian Financial Services (AFS) license of Societe Generale SA’s Australian securities branch to ensure compliance with client money regulations.
The need for the additional license condition follows SocGen’s report to ASIC that it had deposited client money into unauthorised bank accounts between December 2014 and September 2018. In March, the French investment bank’s Australian securities unit was charged by the Australian watchdog with criminal offences for breaching client money obligations and failing to separate its clients’ money from its own.
