28th May 2019
An Australian law firm filed a class action lawsuit on Monday against five major international investment banks accusing them of colluding to rig foreign exchange rates during 2008-2013 to jack up profits at the expense of businesses and investors. The case involved some of the same banks caught up in… Read More
3rd April 2019
The Australian government said it will increase funding of its two main financial-sector regulators in the wake of a year-long inquiry into banking misconduct, and will expand the Federal Court’s jurisdiction to include corporate crime. The Australian Securities and Investments Commission (ASIC) will get an additional A$405 million ($288 million)… Read More
12th March 2019
Australia’s anti-money laundering watchdog said on Friday it had suspended license of two cryptocurrency exchanges after a police investigation found the businesses were being exploited for drug trafficking. It was the first such suspension by the Australian Transaction Reports and Analysis Centre, or AUSTRAC, since new legislation in April 2018… Read More
5th March 2019
Australia’s corporate regulator is interviewing top executives at the Commonwealth Bank of Australia as part of an investigation into alleged failure to prevent possible money laundering, the Australian Financial Review (AFR) reported on Tuesday. CBA in 2018 agreed to a civil penalty of A$700 million ($496.23 million) to settle charges… Read More
5th February 2019
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
12th December 2018
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
23rd November 2018
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
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 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
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