Austrac (76 items)

CBA panel bring history to APRA inquiry

APRA rolled out a trio of well known scrutineers on Friday to turn risk and culture matters at Commonwealth Bank head over heel via an eight-month inquiry. The Australian Prudential  Regulation Authority said the panel of three would have a budget to engage "other external expertise and advice as its sees fit," so CBA's board and management may find a lot of new faces asking questions and chewing through time. read more

Hong Kong probe into CBA an HSBC headache

The money laundering compliance saga at Commonwealth Bank of Australia is poised to induce an unwanted headache for one of the world's largest financial institutions.HSBC, a pillar of Hong Kong's vigorous banking sector for more than 150 years, could be dragged into investigations into how crime syndicates operating in Australia were able to move dirty cash valued in the hundreds of millions through CBA's local and international network. read more

Whitfield first hire in CBA board shuffle

Rob Whitfield, the former head of Westpac Institutional Bank, will be a nominee for the board of Commonwealth Bank, the Financial Review reports.CBA will also tell investors that three directors will step down in total, two at the AGM and the third in 12 months' time, the newspaper's Street Talk column reports. read more

Profits OK, equities asunder in Australian banking

The net profit after tax for all banks in Australia was A$34.2 billion for the year ending June 2017, an increase of $6.5 billion (or 24 per cent) on 2016, the banking regulator APRA divulged yesterday.The profit stability story in Australian banking is static amid the cacophony stirred up by the anti-money laundering allegations and close watch on Commonwealth Bank. read more

CBA yields to APRA oddbods

There is no word from APRA on how many experts will be appointed to the independent prudential panel set to tie up Commonwealth Bank's management and board with a "broad" inquiry into culture and conduct at the bank.The bank and the public will learn the terms of reference once APRA sorts the detail on an intervention of a wholly new form for the sector. read more

Beneath the CBA breach: Lending fraud and a rattled bank

Lending losses on fraudulent commercial developments are a window into a wider cultural problem around risk management at Commonwealth Bank. Nathan Lynch from Thomson Reuters delves further into the bank AUSTRAC problem. Insiders share more views on the bank's management of its all too popular - and misused - intelligent deposit machines. read more

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