Money laundering probe exposes Australian banks’ compliance frailties
21st August 2017
Money laundering probe exposes Australian banks’ compliance frailties
A money laundering probe at Commonwealth Bank of Australia is the latest in a slew of scandals denting the reputation of Australian banks as simple, reliable lenders at the forefront in the battle against financial crime. Australian banks have lagged their global peers in both their spending and their approach… Read More
Australian regulator clears other major banks of money laundering
18th August 2017
Australian regulator clears other major banks of money laundering
Australia’s money-laundering regulator has found no breaches similar to those of the country’s biggest mortgage lender, Commonwealth Bank of Australia, at other major banks, after a check of their systems, a top official said on Friday. Financial intelligence agency AUSTRAC this month launched a civil lawsuit against CBA – Australia’s… Read More
Australia proposes stronger money laundering rules, includes bitcoin
17th August 2017
Australia proposes stronger money laundering rules, includes bitcoin
Australia announced a bill on Thursday to strengthen its money laundering laws, including bringing bitcoin providers under the remit of AUSTRAC, the government’s financial intelligence unit. This would be the first stage of reforms to strengthen the country’s Anti-Money Laundering And Counter Terrorism Financing Act, Minister of Justice Michael Keenan… Read More
Indian mining giant Adani faces financial fraud claims
16th August 2017
Indian mining giant Adani faces financial fraud claims
A global mining giant seeking public funds to develop one of the world’s largest coal mines in Australia has been accused of fraudulently siphoning hundreds of millions of dollars of borrowed money into overseas tax havens. Indian conglomerate the Adani Group is expecting a legal decision in the “near future”… Read More
Australia bank lobby head says CBA scandal hurts entire industry
15th August 2017
Australia bank lobby head says CBA scandal hurts entire industry
The Commonwealth Bank of Australia money laundering scandal has damaged the public’s perception of the whole banking sector, according to the head of the industry’s lobby group. “The issue that Australian banks are suffering with is community trust and public reputation,” Australian Bankers’ Association chief executive officer Anna Bligh… Read More
Australia’s Biggest Bank Says CEO Will Retire Amid Money-Laundering Scandal
14th August 2017
Australia’s Biggest Bank Says CEO Will Retire Amid Money-Laundering Scandal
Commonwealth Bank of Australia will embark on a global search for a new chief executive officer after saying Ian Narev will step down within 10 months, as the nation’s largest lender seeks to mitigate the fallout from a money-laundering scandal. The announcement of Narev’s pending departure comes less than a week… Read More
Australia: Corporate watchdog investigates if Commonwealth Bank broke disclosure laws
11th August 2017
Australia: Corporate watchdog investigates if Commonwealth Bank broke disclosure laws
ASIC probe looks at whether bank met licensing obligations to ‘act efficiently, honestly and fairly’ in revealing costs of money laundering to investors. Australia’s corporate watchdog is investigating whether the country’s biggest bank broke disclosure laws by not telling investors about problems with money laundering by criminal gangs and suspected… Read More
Australia: Commonwealth Bank CEO Grilled Over Money Laundering
10th August 2017
Australia: Commonwealth Bank CEO Grilled Over Money Laundering
Commonwealth Bank of Australia Chief Executive Officer Ian Narev just delivered the lender’s eighth consecutive record profit. Few seem to care. Its A$9.88 billion ($7.8 billion) cash profit for the 2017 financial year has been completely overshadowed by allegations from the nation’s financial crime agency that the bank breached money-laundering laws more than 50,000 times… Read More
Amid CBA scandal, real estate money laundering ignored
9th August 2017
Amid CBA scandal, real estate money laundering ignored
To be sure, the CBA money laundering scandal is a big deal. 53,000 cash deposit breaches is disturbing no matter which way you cut it. But there is one money laundering honey pot that continues to be ignored by policy makers and the media, which should garner far more outrage… Read More
Australia: Commonwealth Bank axes executive bonuses over money-laundering scandal
8th August 2017
Australia: Commonwealth Bank axes executive bonuses over money-laundering scandal
Cuts announced amid calls for repercussions in senior ranks over claims bank breached laws to combat funding for terrorism and crime syndicates. The Commonwealth Bank has axed senior executive bonuses in response to a scandal around money laundering and a lawsuit by Australia’s financial intelligence agency. Australia’s largest bank announced… Read More
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