The corporate regulator has removed AFS license conditions inflicted on the French financial organization after it breached user money obligations.
ASIC announced that the company had met the additional Australian financial services license requirements applied to the firm, and they were declined.
These conditions required the organization to provide an independent specialist to check and control the adequacy and effectiveness of its controls, tools and integrated system. This assessment aimed to ensure it can comply with the user funds requirements.
ASIC revealed the company had met the license conditions’ requirements, including providing results from a senior executive and a board member.