Macquarie Bank has had additional conditions imposed on the licence that allows it to provide financial services after the corporate watchdog found it had mishandled clients' money.
The Australian Securities and Investments Commission says Macquarie's breaches included failing to deposit funds into a designated client trust account, and making prohibited withdrawals from the same kind of account.
Macquarie has appealed against the extra conditions, which require it to engage an ASIC-approved expert to review the adequacy of its procedures and make recommendations for improvements.
"ASIC expects licensees to maintain strict controls and follow proper procedures in their handling of client funds," ASIC commissioner John Price said in a statement.
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