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October 19, 2004

ASIC enforcement news

ASIC has announced that it is into the second stage of its compliance campaign to remove unlicensed operators from the financial services industry.

Over the next six months it will be doing compliance checks on anyone that appears to be conducting a financial services business without an Australian financial services (AFS) licence. The penalty for doing business without a licence is a $22,000 fine or two years jail or both.

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Posted 19th October 2004 by David Jacobson in Financial Services