Finance regulation (961 items)

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Currency in AML regime refresh

The federal government is pushing ahead with its expansion of the anti-money laundering (AML) regime, with the financial intelligence agency AUSTRAC set to receive additional powers. The government unveiled changes to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 yesterday, which will also bring digital currency providers within the AML regime. read more

'Chaotic. Pathetic. Inept.' CommBank rehearsed 2017 crisis

Members of Commonwealth Bank's senior management team were apparently drilled in methods for handling an operational crisis many years before the recent, destabilising AUSTRAC legal action lobbed in the Federal Court this month.In a panel discussion on operational risk at an ASIC conference in March 2014, Alden Toevs, the former chief risk officer, said he organised simulated crisis events to test the resilience of senior executives.Toevs was horrified by the response of the bank's top management in the first trial, describing their performance as "unbelievably bad". read more

CommBank IFRS cash mash a profit conundrum

Companies such as the Commonwealth Bank continue to run the risk of confusing the mass of its 800,000 investors when they highlight differing numbers as ways of determining profit and reporting corporate performance.The release of the bank's annual report on Monday allows a closer view of the cash profit and its merits. read more

CBA up for fragmented confessional

Now that the anti-money laundering debacle appears to have claimed the scalp of the Commonwealth Bank's top executive, investors will be seeking a detailed explanation for the bank's decision not to disclose the alleged breaches during the 2016 financial year. read more

CBA 'couldn't build' case to combat fraud

At the same time that organised crime syndicates were allegedly exploiting weaknesses in Commonwealth Bank's systems, Matthew Keaney, the executive in charge of combating financial crime at CBA, was publicly questioning whether banks could afford to pursue reduced tolerance of fraud based on a business case."Our external consultants and internal IT resources are just so expensive. So you cannot build the business cases, that is the reality," Keaney told an industry forum in 2013 - a period when high value cash transactions that should have been reported to AUSTRAC were passing undetected through CBA's expanding fleet of intelligent deposit machines. read more

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