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Commonwealth Bank to settle AUSTRAC action for $700 million – 4 June 2018
AUSTRAC (Australian Transaction Reports and Analysis Centre) took action against CBA for serious shortcomings in CBA’s anti-money-laundering compliance regime. Most of which related to the bank’s Intelligent Deposit Machines (IDMs).
https://www.computerworld.com.au/article/641884/commonwealth-bank-settle-austrac-action-700-million/
Should auditors be held liable if they miss fraud? – 1 June 2018
A leading global fraud study from the Association of Certified Fraud Examiners (ACFE) reveals that as a means of detecting fraud, external audit only features in 3 per cent of detected fraud cases. AIPI member: Roger Darvall-Stevens explains that the top three methods by which fraud is detected are tip-off, internal audit, and management review.
https://www.intheblack.com/articles/2018/06/01/auditors-liable-failure-detecting-fraud
ANZ facing criminal cartel charges by the Commonwealth Director of Public Prosecutions – 1 June 2018
ANZ is facing criminal charges by the Commonwealth Director of Public Prosecutions over alleged cartel conduct related to a $2.5 billion share placement in 2015.
VOFF alleges that ASIC gave criminal an AFSL – 31 May 2018
Victims of Financial Fraud (VOFF) has added to its litany of accusations against the Australian Securities and Investments Commission (ASIC), alleging that the regulator failed to acknowledge that it allowed known criminals into the financial system regarding the Trio Capital fraud.
https://www.moneymanagement.com.au/news/financial-planning/voff-alleges-asic-gave-criminal-afsl
