While the company has held multiple licenses from various regulatory authorities, it has come under review by all regulatory authorities at same time for lack of compliance with pre-defined requirements. Australian regulatory authority ASIC has announced at start of this month that it has suspended the Australian Financial Services (AFS) license for the company until 25th June 2019. According to report from leaprate, ASIC’s move to suspend the license is because AWSM has broken its financial reporting and audit obligations thereby failing to meet requirements for obtaining the Australian Financial Complaints Authority (AFCA) membership. Despite late announcement from ASIC, the suspension of AFS license for the company seems to have been under effect from 27th March 2019.
There are reports suggesting that AWSM has managed to obtain AFCA membership but ASIC maintains its statement that the company is yet to fulfil its financial reporting and auditing obligations. Along with AFS license AWSM also lost its Australian Credit License (ACL) at the end of March’19 over allegations of failure to maintain competence in undertaking the credit activities according to ACL requirements and for failing to comply with credit legislations. ASIC has mentioned that at the end of the suspension period, if AWSM has failed to prove that the company had complied with its obligations relating to suspended licenses, the regulatory body will move on to considering the possibilities of removing the license granted to the company.
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