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Australia: ‘Greedy’ bankers put profit before customers, Commission findings show

A key government-appointed inquiry into misconduct and other issues within the Australian banking sector has highlighted a need to reform culture within the industry, and revealed issues of ‘greed’ within industry, where the drive for profit supersedes customer care. In its final report published on Monday, the Royal Commission said… Read More

Australia’s Commonwealth Bank to book compliance costs of $216 million in first half

Commonwealth Bank of Australia (CBA.AX) said on Tuesday that it would book charges of A$300 million (170 million pounds/$216 million) that would be reflected in its first-half results ending December. The charges include a higher-than-expected compliance cost of A$100 million related to a quasi-judicial inquiry into Australia’s financial sector, the… Read More

Australia flags removing citizenship from home-grown radicals

Australian nationals convicted of terror offences would be stripped of their citizenship if the government believes they are entitled to apply for residency from another country, Prime Minister Scott Morrison proposed on Thursday. Australia, a staunch U.S. ally that sent troops to Afghanistan and Iraq, has seen a spate of… Read More

5th November 2018

Money laundering: Australia’s NAB undergoing investigative issues on KYC, regulator involved

Australian lender NAB is going through some ‘investigative’ issues regarding weaknesses in its financial crime controls and is communicating with financial watchdog AUSTRAC about the matter, according to its annual results. NAB said it is also undergoing ‘remediation activities,’ and that it would also alert foreign regulators, where applicable. Read More

2nd October 2018

Australian Treasurer wary of new rules on banks hurting economy – reports

Australian Treasurer Josh Frydenberg wants to ensure that any action against banks in the wake of a scathing report on their misconduct does not lead to tighter lending or hurt the economy, he said in a media interview on Monday. An independent commission last week said banks and wealth managers… Read More

6th September 2018

Big Australian fund manager divests Commonwealth Bank over misconduct

Wealth manager Perpetual Ltd (PPT.AX) said it has divested Commonwealth Bank of Australia (CBA.AX) from its A$1.3 billion ($933.6 million) ethical fund due to revelations of corporate misconduct, the first big institutional investor to do so. The move by one of Australia’s best-known share managers could encourage other socially minded… Read More

5th September 2018

Australia’s Westpac fined for bad mortgage system amid bank inquiry

Australia’s Westpac Banking Corp (WBC.AX) agreed to pay a record A$35 million (19.5 million pounds) fine for wrongly approving thousands of mortgages, in a sign regulators are taking steps to tame the financial sector amid damaging revelations from an inquiry. With this settlement, two out of three lawsuits brought this… Read More

31st August 2018

UK, Five Eyes seek to work with private sector on beneficial ownership, illicit cash

The United Kingdom and its key allies have entered into a fresh agreement to crackdown on illicit cash flows and corporate secrecy which will see their financial intelligence units step up their information sharing and aim to work more closely with the private sector. The partnership was agreed upon this… Read More

16th August 2018

Australia’s CBA tells inquiry of more fees charged to the dead, weak controls

Commonwealth Bank of Australia (CBA.AX) charged some estates of dead people for superannuation advice and had inadequate compliance controls in its management of retirement funds, the country’s inquiry into financial sector misconduct heard. Among Australia’s “Big Four” banks, CBA has taken the biggest reputational hit as the inquiry airs allegations… Read More

2nd August 2018

Australia’s ClearView Wealth says director arrested in Papua New Guinea

Australia’s ClearView Wealth Ltd, a wealth management product provider, said on Wednesday it was informed that an independent non-executive director was arrested in Papua New Guinea. The director was arrested and charged with one count of conspiracy to defraud by the National Fraud & Anti-Corruption Directorate of the Royal Papua… Read More

24th July 2018

Operator of shuttered bitcoin platform pleads guilty to U.S charges

The operator of a shuttered bitcoin-denominated exchange pleaded guilty on Monday to federal charges that he defrauded investors and lied to U.S. securities regulators investigating the theft by hackers of virtual currency now worth about $46 million. Jon Montroll, 37, pleaded guilty to securities fraud and obstruction of justice before… Read More

20th July 2018

Britain says Huawei ‘shortcomings’ expose new telecom networks risks

Technical and supply-chain issues with equipment made by Chinese firm Huawei have exposed Britain’s telecom networks to new security risks, a government report said on Thursday. The assessment, made in a report signed off by Britain’s GCHQ spy agency, will intensify the espionage debate around Huawei Technologies [HWT.UL], which has… Read More

3rd July 2018

Australia’s CBA slapped with shareholder class action

Commonwealth Bank of Australia (CBA.AX) said on Monday it had been served with a class action lawsuit filed by Phi Finney McDonald on behalf of certain shareholders. The class action was filed on behalf of certain shareholders who acquired an interest in CBA’s shares between June 16, 2014 and Aug. Read More

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