- The Strategist - https://www.aspistrategist.org.au -
Lessons from the CBA money-laundering scandal
Posted By Simon Norton on September 15, 2017 @ 06:00
Article printed from The Strategist: https://www.aspistrategist.org.au
URL to article: https://www.aspistrategist.org.au/lessons-cba-money-laundering-scandal/
[1] Commonwealth Bank money-laundering and terrorism-financing scandal: http://www.abc.net.au/news/2017-08-03/cba-money-laundering-law-breach-claim-how-men-got-away-with-it/8771652
[2] AUSTRAC’s allegations: http://www.austrac.gov.au/sites/default/files/20170803-concise-statement-cba-s.pdf
[3] wilful breaches or actual collusion: https://www.theguardian.com/business/2014/aug/20/standard-chartered-fined-300m-money-laundering-compliance
[4] AUSTRAC alleges: http://www.smh.com.au/business/banking-and-finance/how-drug-syndicates-allegedly-laundered-millions-via-commbank-atms-20170803-gxoplz.html
[5] customers who posed a risk of terrorism or terrorism financing: https://www.theguardian.com/australia-news/2017/aug/19/six-commonwealth-bank-atm-deals-may-be-linked-to-terrorism-funding-austrac-says
[6] structuring: http://www.austrac.gov.au/case-studies/offender-convicted-structuring-funds-launder-money-1-million-recovered
[7] cuckoo smurfing: http://www.huffingtonpost.com.au/2017/08/03/this-is-the-unusual-money-laundering-method-of-cuckoo-smurfing_a_23062608/
[8] blamed the problem on a single coding error: http://www.smh.com.au/business/banking-and-finance/mistakes-can-be-made--cba-blames-software-for-scandal-20170806-gxqiao.html
[9] his own staff: http://www.theaustralian.com.au/business/financial-services/commonwealth-banks-tellers-sounded-the-alarm-on-lack-of-security/news-story/76657b655675f1cb77897fcee4a08b70
[10] CBA’s culture has come into question following a number of other scandals: http://www.afr.com/brand/chanticleer/chanticleer-cbas-unfortunate-pattern-of-poor-cultural-behaviour-20170804-gxprk9
[11] enormous financial penalties: http://www.abc.net.au/news/2017-08-03/cba-risks-massive-fines-over-law-breaches/8770992
[12] here: http://www.skynews.com.au/business/business/company/2017/08/11/cba-probed-as-asic-boss-slams-bank-culture.html
[13] overseas: http://www.smh.com.au/business/banking-and-finance/cbas-alleged-transaction-monitoring-problems-spark-american-probes-20170903-gy9p8k.html
[14] possible shareholder class action: http://www.abc.net.au/news/2017-08-23/commonwealth-bank-faces-shareholder-class-action/8833860
[15] premature departure of its CEO: http://www.abc.net.au/news/2017-08-14/commonwealth-bank-ceo-ian-narev-to-retire-by-july/8803302
[16] increased chance of a banking royal commission: http://www.abc.net.au/news/2017-08-07/commonwealth-bank-laid-the-groundwork-for-royal-commission/8779598