Online financial services businesses operating in Australia should be aware of the risks of operating without an Australian financial services licence (AFSL) or otherwise under a valid exemption. ASIC has recently commenced action against Vault Market Pty Ltd in the Supreme Court of NSW to prohibit this company and its sole director from continuing an online foreign exchange business under the domain name ‘’ (KiwiFx Bank). ASIC reported that the website appears to facilitate foreign exchange trading for users and is improperly using the word ‘bank’ in its name. ASIC has obtained interim court orders restraining the company and its sole director from carrying on a financial services business without holding an AFSL, or holding out that they hold an AFSL, and to use best endeavours to remove all content on the website and to publish a notice for clients and potential clients stating that the company is not licensed with ASIC and does not hold an AFSL and KiwiFx Bank is not a foreign bank regulated by APRA.