Societe Generale pleaded guilty yesterday over client money offense, according to Australia’s securities regulator.
The French lender pleaded guilty to four separate counts of client money offenses at a Sydney-based court, according to a statement from the Australian Securities and Investments Commission (ASIC). ASIC said that Societe Generale breached the client money code by failing to move received payments to an authorized account and also making unauthorized payments.
«Client money must be paid into a client money account that meets the requirements of the Corporations Regulations and AFS (Australian financial services) license holders can only make payments out of a client money account as specified by the Corporations Regulations,» ASIC said.
In response, Societe Generale said that its plea was in line with its «responsible and transparent position», according to a «Reuters» report citing an emailed statement.
