Regulatory Alerts2026-02-12
ASIC imposes licence conditions on Corpay subsidiary following compliance failures
The Australian Securities and Investments Commission has imposed additional licence conditions on Cambridge Mercantile, a Corpay subsidiary, due to systemic compliance failures in its foreign exchange derivatives business. These failures included misclassifying over 2,800 retail clients as wholesale, inadequate conflict of interest and risk management systems, and breaches of financial resource requirements. The new conditions mandate a comprehensive remediation plan for affected clients, the appointment of an independent expert to assess the plan, and ongoing monitoring to ensure operational effectiveness.
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