FX collusion scandal reaches Australia, class action launched
28th May 2019
FX collusion scandal reaches Australia, class action launched
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
Australia budget lifts funding for financial regulators
3rd April 2019
Australia budget lifts funding for financial regulators
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
Australia watchdog suspends two cryptocurrency exchanges for drug offences
12th March 2019
Australia watchdog suspends two cryptocurrency exchanges for drug offences
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
Australia’s corporate regulator to interview CBA executives -AFR
5th March 2019
Australia’s corporate regulator to interview CBA executives -AFR
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
Australia: ‘Greedy’ bankers put profit before customers, Commission findings show
5th February 2019
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
12th December 2018
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
23rd November 2018
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
Money laundering: Australia’s NAB undergoing investigative issues on KYC, regulator involved
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
Australian Treasurer wary of new rules on banks hurting economy – reports
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
Big Australian fund manager divests Commonwealth Bank over misconduct
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
Popular

Malaysia ‘open’ to settling with Goldman and dropping 1MDB charges

Khmer Riche – How relatives and allies of Cambodia’s leader amassed wealth overseas

U.S., South Korea Bust Giant Child Porn Site by Following a Bitcoin Trail

‘Panama Papers’ law firm sues Netflix over film based on scandal

How Hezbollah’s Terrorist Financing Roots Grew into the Drug World

Must Read

UBS pays more than 10 million euros to settle Italy money-laundering probe

Pakistan expects to avert blacklisting over terrorism financing

Malaysia ‘open’ to settling with Goldman and dropping 1MDB charges

Khmer Riche – How relatives and allies of Cambodia’s leader amassed wealth overseas

Settlement Talks for Bank Followed Pressure on Trump by Turkey’s Leader