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

2nd July 2018

Australia’s CBA slashes executive pay by $44 million after regulatory inquiry

Commonwealth Bank of Australia (CBA.AX) said on Friday it would slash more than A$60 million ($44.33 million) in senior executive pay as part of its response to an inquiry by the Australian banking regulator. The Australian Prudential Regulation Authority (APRA) had in May commissioned an inquiry into CBA’s… Read More

27th June 2018

Australia, New Zealand central banks shun ‘volatile’ digital currencies

The central banks of Australia and New Zealand ruled out on Tuesday the notion that they would issue official cryptocurrencies anytime soon, warning the potential damage to their banking systems could outweigh the benefits. Tony Richards, head of the Reserve Bank of Australia’s (RBA) payments policy, said that bitcoin and… Read More

27th June 2018

China’s Huawei top sponsor of Australian politicians’ overseas trips

Chinese telecommunications equipment maker Huawei Technologies Co Ltd [HWT.UL] is the biggest corporate sponsor of overseas travel for Australian politicians, according to an analysis of travel disclosure registers by an Australian think-tank. The report comes as several politicians have called for Huawei to be banned from participating in a roll-out… Read More

6th June 2018

Banking: CBA fined $700m, had compliance failings for 770,000 accounts

The Commonwealth Bank of Australia (CBA) has been hit with a A$700 million ($529.3 million) penalty for AML and CFT breaches, including poor customer due diligence procedures and failing to adequately monitor transactions on almost a million accounts. >> Learn how RiskScreen Batch… Read More

1st June 2018

Australian banking in shock as ANZ faces criminal charges

Australian banking was in shock on Friday as No. 3 lender Australia and New Zealand Banking Group Ltd faced criminal cartel charges over a $2.3 billion (1.7 billion pounds) share issue, along with underwriters Deutsche Bank and Citigroup. The allegations drove ANZ shares sharply lower in another heavy blow to… Read More

23rd May 2018

Westpac made blind pensioner a guarantor without risk advice, inquiry hears

Australia’s Westpac Banking Corp (WBC.AX) admitted on Monday to signing up a legally blind pensioner as loan guarantor for her daughter’s business without warning her of the risks, then threatened to evict her when the business failed. The testimony, given to a powerful inquiry into the country’s financial sector, came… Read More

15th May 2018

Australia’s Commonwealth Bank CFO steps down as Comyn rings changes

Uncertainty around Commonwealth Bank of Australia’s (CBA.AX) senior leadership deepened on Monday as the chief financial officer resigned unexpectedly, the fifth executive to depart in one of the worst governance crises in the bank’s history. Australia’s biggest bank is struggling to rebuild its reputation after a series of scandals revealed… Read More