ASIC Suspends AFS Licence of Australasian Capital Pty Ltd

The Australian Securities and Investments Commission has suspended the Australian financial services (AFS) licence of Australasian Capital Pty Ltd (Australasian) for one year, until 25 August 2024, shortly after the regulator’s announcement of suspending the AFS license of Global Payments Pty Ltd.​

Australasian has been granted the license (no. 384 503) since 21 January 2011, which allows the company to provide financial services to wholesale clients.

However, Australasian has ceased to carry on a financial services business, and failed to meet its financial reporting obligations for the financial years ending 30 June 2021 and 30 June 2022. Hence, the ASIC took this move to suspend the firm's license.

The financial watchdog notes that the suspension will provide Australasian with an opportunity to attend to its outstanding lodgement obligations. It may consider further action if Australasian has not complied with its obligations at the end of the suspension period.