24th April 2018
An Australian inquiry into financial sector misconduct claimed its first scalp on Friday as the CEO of the country’s largest wealth manager stepped down over revelations of board-level deception and misappropriation of funds. The departure of AMP Ltd’s (AMP.AX) Craig Meller came as the government vowed to double prison terms… Read More
20th April 2018
An Australian inquiry into the financial services sector heard tearful testimony on Thursday from a nurse who lost her home after taking advice from a major lender, and that the country’s biggest bank knowingly charged dead clients for counsel. The testimony was among the most personal yet at the Royal… Read More
18th April 2018
Australian Treasurer Scott Morrison warned on Wednesday that financial sector executives responsible for widespread breaches of corporate law could face jail, as a powerful judicial inquiry heard more evidence of misconduct by the country’s top financial institutions. Morrison’s comments were made after executives for AMP Ltd (AMP.AX), Australia’s largest wealth… Read More
11th April 2018
Australia has brought the country’s cryptocurrency providers under the purview of its financial intelligence unit, a move it hopes will help minimize the risk of money laundering, terrorism financing and cybercrime. Effective immediately, all so-called digital currency exchange providers with operations in Australia must register with AUSTRAC, the government agency… Read More
5th April 2018
Businesses providing cash-in-transit and insurance services, except car dealers, have been exempted from compliance and reporting obligations under Australia’s anti-money laundering and counter-terrorism funding rules (2006). They will also no longer be required to report transactions or suspicious matters, in accordance with the Financial Transaction Reports Act 1988, financial regulator… Read More
26th March 2018
Australia’s top banks routinely and repeatedly breached laws when issuing home loans, credit cards and other consumer loans, according to a scathing summary of the first round of hearings at the country’s inquiry into financial misconduct. Rowena Orr, barrister assisting the judicial inquiry, said on Friday the misconduct found in… Read More
25th March 2018
British and Australian authorities have endorsed an agreement to bolster fintech innovation and proactively assist businesses in the sector. The Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) on Thursday signed an Enhanced Cooperation Agreement , which is part of the Fintech Bridge signed by the… Read More
15th March 2018
Commonwealth Bank of Australia (CBA.AX) Chief Executive Ian Narev knew that a system of financial incentives to reward mortgage brokers could hurt customers but failed to act, an inquiry into Australia’s financial sector heard on Thursday. A confidential letter penned by Narev in 2017 and disclosed on the third day… Read More
14th March 2018
National Australia Bank Ltd’s (NAB.AX) system of bonuses and incentives encouraged bankers to engage in fraudulent lending practices to boost their incomes, NAB told a powerful judicial inquiry into the scandal-ridden sector on Wednesday. Scrutiny of the bank’s various incentive schemes dominated the second day at the Royal Commission in… Read More
12th March 2018
Ratings agency Standard and Poor’s weakened its risk assessment criteria to win business and turn out high ratings on opaque debt products that started to unwind during the global financial crisis, an Australian court heard on Monday. The U.S.-based ratings agency is being sued for at least A$190 million ($150… Read More