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The Australian regulator has requested that SocGen to appoint an independent expert to assess and test its controls, systems and processes to ensure compliance and identify any deficiencies and set out any remedial action.
The additional AFS license conditions also require SocGen to provide attestations from a qualified senior executive and a board member that confirm that the remedial actions recommended by the independent expert have been implemented.
If ASIC’s new requirements are not met, SocGen must stop on-boarding new customers and refrain from charging brokerage fees.
The post ASIC places new license conditions on Societe Generale appeared first on LeapRate.
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