Featured Australia

Commission finds police used ice, cocaine and ecstasy, met with traffickers and joked about their own drug use. 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
5th September 2018
Australia’s Westpac Banking Corp (WBC.AX) agreed to pay a record A$35 million (19.5 million pounds) fine for wrongly approving thousands of mortgages, in a sign regulators are taking steps to tame the financial sector amid damaging revelations from an inquiry. With this settlement, two out of three lawsuits brought this… Read More
31st August 2018
The United Kingdom and its key allies have entered into a fresh agreement to crackdown on illicit cash flows and corporate secrecy which will see their financial intelligence units step up their information sharing and aim to work more closely with the private sector. The partnership was agreed upon this… Read More
16th August 2018
Commonwealth Bank of Australia (CBA.AX) charged some estates of dead people for superannuation advice and had inadequate compliance controls in its management of retirement funds, the country’s inquiry into financial sector misconduct heard. Among Australia’s “Big Four” banks, CBA has taken the biggest reputational hit as the inquiry airs allegations… Read More
2nd August 2018
Australia’s ClearView Wealth Ltd, a wealth management product provider, said on Wednesday it was informed that an independent non-executive director was arrested in Papua New Guinea. The director was arrested and charged with one count of conspiracy to defraud by the National Fraud & Anti-Corruption Directorate of the Royal Papua… Read More
24th July 2018
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
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
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
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
Must Read

EU adopts Sixth Anti-Money Laundering Directive EU 6AMLD, deadline set

Countries across the European Union will have two years to implement a new system of jail sentences and sanctions for money launderers following the formal adoption of the EU’s latest anti-money laundering directive, dubbed 6AMLD (Sixth Anti-Money Laundering Directive) on 11 October 2018. Once the directive is published in the… Read More

Anti-money laundering compliance costs hit $25 billion annually – study

The cost of AML compliance across U.S. financial services firms equaled $25.3 billion per year based on survey responses from more than 150 decision-makers at banks, investment, asset management and insurance firms, according to a new study. The report shows that smaller firms are hit hardest, relative to their bottom… Read More