Austrac

Latest articles

18h
The Borneo Post
Can Bitcoin survive central banks’ scrutiny?and bring digital currency exchange providers under the remit of the Australian
The Borneo Post / Posted 18 hours ago
and bring digital currency exchange providers under the remit of the Australian Transactions of Reporting Analysis Centre (AUSTRAC). The reform bill is intended to strengthen the Anti-Money Laundering and Counter-Terrorism Financing Act and... Read more
2d
Reuters
Australia's Commonwealth Bank overcomes protest votes at testy AGMLivingstone told shareholders the bank was determined to “rebuild trust” after
Reuters / Posted 2 days ago
Livingstone told shareholders the bank was determined to “rebuild trust” after Australia’s financial intelligence agency, AUSTRAC, accused it of systemic failings to spot thousands of illegal transactions, some of which allegedly involved drug... Read more
8 related articles
2d
Australian Broadcasting Corporation
CBA averts board spill, apologises for AUSTRAC scandalCommonwealth Bank averts board spill, apologises for AUSTRAC scandal Photo: Co
Australian Broadcasting Corporation / Posted 2 days ago
Commonwealth Bank averts board spill, apologises for AUSTRAC scandal Photo: Commonwealth Bank averts board spill and apologises for reputation damage resulting from AUSTRAC scandal. (ABC News: Margaret Burin) The Commonwealth Bank's board was at... Read more
8 related articles
2d
TheBull
National Australia Bank flags anti-money laundering 'weaknesses'months after the financial intelligence agency took the country's largest firm
TheBull / Posted 2 days ago
months after the financial intelligence agency took the country's largest firm to court over alleged breaches of the laws. AUSTRAC filed a civil case against Australia's biggest bank, the Commonwealth, in August for alleged "serious and systemic... Read more
5 related articles
2d
Herald Sun
CommBank facing trillion dollar fineterrorism financing laws and monitor almost 780,000 accounts. The Australian T
Herald Sun / Posted 2 days ago
terrorism financing laws and monitor almost 780,000 accounts. The Australian Transaction Reports and Analysis Centre (AUSTRAC) filed a motion in the Federal Court to prosecute the bank alleging 53,700 contraventions of the AML/CTF laws since... Read more
3d
Sky News Australia
Commonwealth Bank holds AGM in SydneyBank's shortcomings and failure to spot breaches. Mr Narev said CBA's operatio
Sky News Australia / Posted 3 days ago
Bank's shortcomings and failure to spot breaches. Mr Narev said CBA's operational risk management - which led to AUSTRAC's allegations - had not met the standards applied to lending, funding and markets. 'Our performance has been up with... Read more
8 related articles
3d
Business Insider Australia
The Commonwealth Bank Chair has apologised to shareholderscivil proceedings in the Federal follow an investigation by Australia’s financi
Business Insider Australia / Posted 3 days ago
civil proceedings in the Federal follow an investigation by Australia’s financial intelligence and regulatory agency, AUSTRAC, into the use of intelligent deposit machines which, it is claimed, became the outlet of choice for criminal... Read more
8 related articles
3d
WA Today
CBA chairman Catherine Livingstone says sorry for 'deficient' compliancethe remuneration report, making CBA the first big four bank to receive a first
WA Today / Posted 3 days ago
the remuneration report, making CBA the first big four bank to receive a first "strike" on remuneration. Following the Austrac allegation, Ms Livingstone scrapped short-term executive bonuses worth millions of dollars for this year, and cut... Read more
8 related articles
3d
The Age
CBA chairman Catherine Livingstone says sorry for 'deficient' compliancethe remuneration report, making CBA the first big four bank to receive a first
The Age / Posted 3 days ago
the remuneration report, making CBA the first big four bank to receive a first "strike" on remuneration. Following the Austrac allegation, Ms Livingstone scrapped short-term executive bonuses worth millions of dollars for this year, and cut... Read more
8 related articles
3d
Sydney Morning Herald
CBA chairman Catherine Livingstone says sorry for 'deficient' compliancethe remuneration report, making CBA the first big four bank to receive a first
Sydney Morning Herald / Posted 3 days ago
the remuneration report, making CBA the first big four bank to receive a first "strike" on remuneration. Following the Austrac allegation, Ms Livingstone scrapped short-term executive bonuses worth millions of dollars for this year, and cut... Read more
8 related articles
3d
Canberra Times
CBA director Andrew Mohl faces protest vote over re-electionthink it's important that we show accountability," he said. The fund was impres
Canberra Times / Posted 3 days ago
think it's important that we show accountability," he said. The fund was impressed with Ms Livingstone's handling of the Austrac scandal so far, he said, but it wanted further detail on what CBA was doing to make sure the Austrac debacle did not... Read more
3 related articles
3d
WA Today
CBA director Andrew Mohl faces protest vote over re-electionthink it's important that we show accountability," he said. The fund was impres
WA Today / Posted 3 days ago
think it's important that we show accountability," he said. The fund was impressed with Ms Livingstone's handling of the Austrac scandal so far, he said, but it wanted further detail on what CBA was doing to make sure the Austrac debacle did not... Read more
3 related articles
3d
The Age
CBA director Andrew Mohl faces protest vote over re-electionthink it's important that we show accountability," he said. The fund was impres
The Age / Posted 3 days ago
think it's important that we show accountability," he said. The fund was impressed with Ms Livingstone's handling of the Austrac scandal so far, he said, but it wanted further detail on what CBA was doing to make sure the Austrac debacle did not... Read more
3 related articles
3d
Sydney Morning Herald
CBA director Andrew Mohl faces protest vote over re-electionthink it's important that we show accountability," he said. The fund was impres
Sydney Morning Herald / Posted 3 days ago
think it's important that we show accountability," he said. The fund was impressed with Ms Livingstone's handling of the Austrac scandal so far, he said, but it wanted further detail on what CBA was doing to make sure the Austrac debacle did not... Read more
3 related articles
3d
Canberra Times
NAB flags anti-money laundering 'weaknesses'its program for complying with anti-money laundering and counter-terrorist fina
Canberra Times / Posted 3 days ago
its program for complying with anti-money laundering and counter-terrorist financing laws. These laws are enforced by Austrac, the financial intelligence regulator, which is alleging a mass breach by the Commonwealth Bank. NAB's document only... Read more
5 related articles
3d
Australian Broadcasting Corporation
NAB may join CBA under spotlight over money laundering, counter terrorism breachesNAB may join CBA in AUSTRAC's sights over money laundering and counter terroris
Australian Broadcasting Corporation / Posted 3 days ago
NAB may join CBA in AUSTRAC's sights over money laundering and counter terrorism breaches Australia's third-biggest bank, NAB, has said it investigating and attempting to fix a number of issues relating to money laundering and counter terrorism... Read more
3d
Sydney Morning Herald
NAB flags anti-money laundering 'weaknesses'its program for complying with anti-money laundering and counter-terrorist fina
Sydney Morning Herald / Posted 3 days ago
its program for complying with anti-money laundering and counter-terrorist financing laws. These laws are enforced by Austrac, the financial intelligence regulator, which is alleging a mass breach by the Commonwealth Bank. NAB's document only... Read more
5 related articles
3d
The Age
NAB flags anti-money laundering 'weaknesses'its program for complying with anti-money laundering and counter-terrorist fina
The Age / Posted 3 days ago
its program for complying with anti-money laundering and counter-terrorist financing laws. These laws are enforced by Austrac, the financial intelligence regulator, which is alleging a mass breach by the Commonwealth Bank. NAB's document only... Read more
5 related articles
3d
WA Today
NAB flags anti-money laundering 'weaknesses'its program for complying with anti-money laundering and counter-terrorist fina
WA Today / Posted 3 days ago
its program for complying with anti-money laundering and counter-terrorist financing laws. These laws are enforced by Austrac, the financial intelligence regulator, which is alleging a mass breach by the Commonwealth Bank. NAB's document only... Read more
5 related articles
4d
Australian Broadcasting Corporation
The Chinese mining magnate who paid workers with a bag full of cashthe country legally and had been scrutinised by the Federal Government's financ
Australian Broadcasting Corporation / Posted 4 days ago
the country legally and had been scrutinised by the Federal Government's financial intelligence and regulatory agency Austrac. Asked about the current status of her mine project, the public relations firm responded that it was "commercial in... Read more
5d
Motley Fool
Why the OFX Group Ltd share price is heading lower againCommonwealth Bank of Australia(ASX: CBA) has experienced with its suspicious tr
Motley Fool / Posted 5 days ago
Commonwealth Bank of Australia(ASX: CBA) has experienced with its suspicious transaction reporting to the regulator AUSTRAC and it remains that money transfer businesses are vulnerable to higher costs via stricter transaction monitoring or... Read more
8d
WA Today
Tabcorp anti-money laundering program was 'insufficient', judge saysCourt judge Nye Perram on Friday released his reasons for approving the penalty
WA Today / Posted 8 days ago
Court judge Nye Perram on Friday released his reasons for approving the penalty in a settlement between Tabcorp and Austrac, which he said averted a "very large trial at considerable public expense". He noted that the breaches were not... Read more
8 related articles
8d
Canberra Times
Tabcorp anti-money laundering program was 'insufficient', judge saysCourt judge Nye Perram on Friday released his reasons for approving the penalty
Canberra Times / Posted 8 days ago
Court judge Nye Perram on Friday released his reasons for approving the penalty in a settlement between Tabcorp and Austrac, which he said averted a "very large trial at considerable public expense". He noted that the breaches were not... Read more
8 related articles
8d
WA Today
Tabcorp should have done more, says judge in Austrac caseLaundering and Counter-Terrorism Financing Act between July 2010 and December 2
WA Today / Posted 8 days ago
Laundering and Counter-Terrorism Financing Act between July 2010 and December 2015. Tabcorp has admitted it did not inform Austrac on all occasions on which it was suspicious of illegal betting activity. Photo: Jessica Shapiro Australia's... Read more
8 related articles
8d
Sydney Morning Herald
Tabcorp anti-money laundering program was 'insufficient', judge saysCourt judge Nye Perram on Friday released his reasons for approving the penalty
Sydney Morning Herald / Posted 8 days ago
Court judge Nye Perram on Friday released his reasons for approving the penalty in a settlement between Tabcorp and Austrac, which he said averted a "very large trial at considerable public expense". He noted that the breaches were not... Read more
8 related articles
8d
The Age
Tabcorp anti-money laundering program was 'insufficient', judge saysCourt judge Nye Perram on Friday released his reasons for approving the penalty
The Age / Posted 8 days ago
Court judge Nye Perram on Friday released his reasons for approving the penalty in a settlement between Tabcorp and Austrac, which he said averted a "very large trial at considerable public expense". He noted that the breaches were not... Read more
8 related articles
8d
The Age
Tabcorp should have done more, says judge in Austrac caseLaundering and Counter-Terrorism Financing Act between July 2010 and December 2
The Age / Posted 8 days ago
Laundering and Counter-Terrorism Financing Act between July 2010 and December 2015. Tabcorp has admitted it did not inform Austrac on all occasions on which it was suspicious of illegal betting activity. Photo: Jessica Shapiro Australia's... Read more
8 related articles
8d
TheBull
Judge says Tabcorp should have done moreand Counter-Terrorism Financing Act between July 2010 and December 2015. Austr
TheBull / Posted 8 days ago
and Counter-Terrorism Financing Act between July 2010 and December 2015. Australia's financial intelligence unit, AUSTRAC, took action against Tabcorp in 2015, but the parties reached agreement on a fine in February 2017. Tabcorp has... Read more
8 related articles
8d
Sydney Morning Herald
Tabcorp should have done more, says judge in Austrac caseLaundering and Counter-Terrorism Financing Act between July 2010 and December 2
Sydney Morning Herald / Posted 8 days ago
Laundering and Counter-Terrorism Financing Act between July 2010 and December 2015. Tabcorp has admitted it did not inform Austrac on all occasions on which it was suspicious of illegal betting activity. Photo: Jessica Shapiro Australia's... Read more
8 related articles
8d
Sky News Australia
Tabcorp should have done more: Federal Judgeand Counter-Terrorism Financing Act between July 2010 and December 2015. Austr
Sky News Australia / Posted 8 days ago
and Counter-Terrorism Financing Act between July 2010 and December 2015. Australia's financial intelligence unit, AUSTRAC, took action against Tabcorp in 2015, but the parties reached agreement on a fine in February 2017. Tabcorp has... Read more
8 related articles
9d
Canberra Times
CBA tipped to avoid second 'strike' on executive paya tumultuous few months for the lender. Ms Livingstone is likely to face quest
Canberra Times / Posted 9 days ago
a tumultuous few months for the lender. Ms Livingstone is likely to face questions over the explosive allegations from Austrac that CBA repeatedly breached anti-money-laundering laws by failing to report thousands of suspicious transactions... Read more
3 related articles
9d
WA Today
CBA tipped to avoid second 'strike' on executive paya tumultuous few months for the lender. Ms Livingstone is likely to face quest
WA Today / Posted 9 days ago
a tumultuous few months for the lender. Ms Livingstone is likely to face questions over the explosive allegations from Austrac that CBA repeatedly breached anti-money-laundering laws by failing to report thousands of suspicious transactions... Read more
3 related articles
9d
The Age
CBA tipped to avoid second 'strike' on executive paya tumultuous few months for the lender. Ms Livingstone is likely to face quest
The Age / Posted 9 days ago
a tumultuous few months for the lender. Ms Livingstone is likely to face questions over the explosive allegations from Austrac that CBA repeatedly breached anti-money-laundering laws by failing to report thousands of suspicious transactions... Read more
3 related articles
9d
Sydney Morning Herald
CBA tipped to avoid second 'strike' on executive paya tumultuous few months for the lender. Ms Livingstone is likely to face quest
Sydney Morning Herald / Posted 9 days ago
a tumultuous few months for the lender. Ms Livingstone is likely to face questions over the explosive allegations from Austrac that CBA repeatedly breached anti-money-laundering laws by failing to report thousands of suspicious transactions... Read more
3 related articles
10d
The Courier Mail
CBA's Q1 profit rises but so do its costsoperating expenses rose four per cent as CBA made provision for regulation and
The Courier Mail / Posted 10 days ago
operating expenses rose four per cent as CBA made provision for regulation and compliance costs, including those related to AUSTRAC's allegations of anti-money laundering and counter terrorism law breaches. UBS analyst Jon Mott estimates the... Read more
16 related articles
10d
Weekly Times
CBA's Q1 profit rises but so do its costsoperating expenses rose four per cent as CBA made provision for regulation and
Weekly Times / Posted 10 days ago
operating expenses rose four per cent as CBA made provision for regulation and compliance costs, including those related to AUSTRAC's allegations of anti-money laundering and counter terrorism law breaches. UBS analyst Jon Mott estimates the... Read more
16 related articles
10d
TheBull
CBA's Q1 profit rises but so do its costsoperating expenses rose four per cent as CBA made provision for regulation and
TheBull / Posted 10 days ago
operating expenses rose four per cent as CBA made provision for regulation and compliance costs, including those related to AUSTRAC's allegations of anti-money laundering and counter terrorism law breaches. UBS analyst Jon Mott estimates the... Read more
16 related articles
11d
Canberra Times
Lower bad debts deliver $1.2b windfall for big four banksfalling to new historic lows. CBA may need to spend an extra $200 million a ye
Canberra Times / Posted 11 days ago
falling to new historic lows. CBA may need to spend an extra $200 million a year on "defensive actions" in response to the Austrac allegations, analysts predict. Photo: Louie Douvis The trend shows borrowers are handling their debts well, analysts... Read more
17 related articles
11d
Canberra Times
Markets Live: ASX builds on 6000associated with regulatory actions and compliance programs". However, any costs
Canberra Times / Posted 11 days ago
associated with regulatory actions and compliance programs". However, any costs that could be incurred as a result of the AUSTRAC proceedings have not been included in provisions. After the other big three banks reported full-year results in... Read more
16 related articles
11d
Perth Now
Commonwealth Bank’s massive profitcent as CBA made provision for the estimated cost of regulatory actions and com
Perth Now / Posted 11 days ago
cent as CBA made provision for the estimated cost of regulatory actions and compliance programs, including those related to AUSTRAC’s allegations of anti money laundering and counter terrorism law breaches. But the bank said it was impossible to... Read more
16 related articles
11d
Daily Telegraph
CBA lifts margins for $2.65bn Q1 profitcent as CBA made provision for the estimated cost of regulatory actions and com
Daily Telegraph / Posted 11 days ago
cent as CBA made provision for the estimated cost of regulatory actions and compliance programs, including those related to AUSTRAC's allegations of anti money laundering and counter terrorism law breaches. But the bank said it was impossible to... Read more
16 related articles
11d
Motley Fool
Why I think Commonwealth Bank of Australia is the best big bank share to buynet interest margin (NIM) lift was offset by rising expenses associated with pr
Motley Fool / Posted 11 days ago
net interest margin (NIM) lift was offset by rising expenses associated with provisions for compliance costs related to AUSTRAC’s civil claim against the bank for breaches of its suspicious transaction reporting procedures. The CBA also... Read more
11d
Australian Broadcasting Corporation
CBA quarterly cash profit up 6 per cent to $2.65bcosts do not include any estimate of the size of the potential penalties relati
Australian Broadcasting Corporation / Posted 11 days ago
costs do not include any estimate of the size of the potential penalties relating to the almost 54,000 breaches cited by AUSTRAC. "CBA is preparing to lodge its defence in response to the allegations in the statement of claim and at this time is... Read more
16 related articles
11d
TheBull
CBA lifts margins for $2.65bn Q1 profitcent as CBA made provision for the estimated cost of regulatory actions and com
TheBull / Posted 11 days ago
cent as CBA made provision for the estimated cost of regulatory actions and compliance programs, including those related to AUSTRAC's allegations of anti money laundering and counter terrorism law breaches. But the bank said it was impossible to... Read more
16 related articles
11d
Perth Now
CBA lifts margins for $2.65bn Q1 profitcent as CBA made provision for the estimated cost of regulatory actions and com
Perth Now / Posted 11 days ago
cent as CBA made provision for the estimated cost of regulatory actions and compliance programs, including those related to AUSTRAC's allegations of anti money laundering and counter terrorism law breaches. But the bank said it was impossible to... Read more
16 related articles
11d
Sky News Australia
Commonwealth announces $2.65b Q1 profitcent as CBA made provision for the estimated cost of regulatory actions and com
Sky News Australia / Posted 11 days ago
cent as CBA made provision for the estimated cost of regulatory actions and compliance programs, including those related to AUSTRAC's allegations of anti money laundering and counter terrorism law breaches. But the bank said it was impossible to... Read more
16 related articles
11d
WA Today
The morning after 6000associated with regulatory actions and compliance programs". However, any costs
WA Today / Posted 11 days ago
associated with regulatory actions and compliance programs". However, any costs that could be incurred as a result of the AUSTRAC proceedings have not been included in provisions. After the other big three banks reported full-year results in... Read more
4 related articles
11d
Geelong Advertiser
CBA lifts margins for $2.65bn Q1 profitcent as CBA made provision for the estimated cost of regulatory actions and com
Geelong Advertiser / Posted 11 days ago
cent as CBA made provision for the estimated cost of regulatory actions and compliance programs, including those related to AUSTRAC's allegations of anti money laundering and counter terrorism law breaches. But the bank said it was impossible to... Read more
16 related articles
11d
News.com.au
CBA lifts margins for $2.65bn Q1 profitcent as CBA made provision for the estimated cost of regulatory actions and com
News.com.au / Posted 11 days ago
cent as CBA made provision for the estimated cost of regulatory actions and compliance programs, including those related to AUSTRAC's allegations of anti money laundering and counter terrorism law breaches. But the bank said it was impossible to... Read more
16 related articles
11d
WA Today
Lower bad debts deliver $1.2b windfall for big four banksfalling to new historic lows. CBA may need to spend an extra $200 million a ye
WA Today / Posted 11 days ago
falling to new historic lows. CBA may need to spend an extra $200 million a year on "defensive actions" in response to the Austrac allegations, analysts predict. Photo: Louie Douvis The trend shows borrowers are handling their debts well, analysts... Read more
17 related articles
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