June 15, 2020 / 2:43 AM / 2 months ago

New conditions placed on Societe Generale Australia unit's financial licence

June 15 (Reuters) - Australia’s corporate regulator said on Monday it had imposed additional conditions on the financial services licence of Societe Generale SA’s Australian securities unit to ensure it complies with client money regulations.

The Australian Securities and Investments Commission (ASIC) said, among other things, the unit must appoint an independent expert to assess its processes to ensure compliance and to identify any deficiencies and plan out any remedial action in a report.

In March, the French investment bank’s Australian securities arm had been charged in court by the regulator with criminal offences for allegedly failing to separate its clients’ money from its own. (Reporting by Rashmi Ashok in Bengaluru; Editing by Muralikumar Anantharaman)

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