Featured Australia

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

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

Australia: Victorian police sold illegal drugs, corruption report finds

Commission finds police used ice, cocaine and ecstasy, met with traffickers and joked about their own drug use. Read More
12th December 2018
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
23rd November 2018
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
5th November 2018
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
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
Must Read

Senate rebukes Saudi Arabia over Khashoggi, Yemen war

AP — Senators voted Thursday to recommend that the U.S. end its assistance to Saudi Arabia for the war in Yemen and put the blame for the death of journalist Jamal Khashoggi squarely on Saudi Crown Prince Mohammed bin Salman, in a direct challenge to both… Read More

Elise Bean – The Inside Track – The US Senate’s Investigations into Financial Crime

Elise Bean joins Tom Devlin (from KYC360) in conversation to discuss her new book, highlights of her investigative career, and learning points for both banks and financial crime investigators arising from the PSI's work Read More