Regulatory Case Studies

The Australian Securities and Investment Commission (ASIC) has imposed additional conditions on the Australian financial services (AFS) licence of Societe Generale Securities Australia Pty Ltd (SGSAPL) to ensure compliance with clients' money regulations.

The Monetary Authority of Singapore (MAS) announced today that it has served BSI Bank Limited (BSI Bank) notice of intention to withdraw its status as a merchant bank in Singapore for serious breaches of anti-money laundering requirements, poor management supervision of the bank’s operations and gross misconduct by some of the bank’s staff.