ASIC cancels AFSL of Victorian asset manager

ASIC asset management AFSL

21 May 2024
| By Laura Dew |
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ASIC has cancelled Everest Asset Management’s Australian financial services licence (AFSL) over its failure to lodge financial statements with the regulator.

The Victoria firm, which was licensed to provide services to wholesale clients which includes the authority to advise and deal in managed investment schemes, has seen its AFSL cancelled by the corporate regulator.

According to ASIC, it cancelled Everest’s licence as the firm failed to prepare and lodge the required financial statements and auditor opinions with ASIC.

“Under the Corporations Act, ASIC may suspend or cancel an AFS licence if a licensee fails to meet its general obligations under s912A. This includes the obligation to comply with financial services laws, including the requirement to lodge financial statements annually with ASIC.”

ASIC also found that Everest is likely to contravene its obligations as an AFSL in the future.

ASIC commenced an investigation into Everest, as well as Prospero Markets, following an operation by the Australian Federal Police (AFP) which resulted in former officers and responsible managers of Prospero and a current officer of Everest being charged in October 2023 with money laundering offences.

The AFP’s Operation Avarus-Nightwolf, which was supported by ASIC, related to Changjiang Currency Exchange money remitting chain that was alleged to have laundered almost $229 million in the proceeds of crime over the past three years.

Everest has a right to apply to the Administrative Appeals Tribunal for a review of ASIC’s decision.

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