In a statement released to the market late on Wednesday, the Commonwealth Bank said it had been notified that ASIC had concluded its investigation into matters that were the subject of AUSTRAC proceedings against the bank in 2017.
The investigation included the bank’s disclosure of AML breaches and “whether directors and officers of CBA complied with specific obligations under the Corporations Act”, the bank said.
CBA said ASIC would not take any action in relation to the AUSTRAC proceedings, which saw the bank agree to pay a record $700 million penalty in 2018.
i can’t believe ASIC aren’t checking to see if any of the directors have falsely claimed to have a powerpoint presentation qualification and then ship them off to jail like Sam Henderson or shut them down like Dover.
[b]ASIC is disgustingly corrupt. [/b][b][/b]
The disgraceful lack of anyone at CBA being held accountable for the clearly known breaches of the law is staggering corruption by the Institutions and ASIC.
CBA pay a whopping fine = Shareholders pay a whopping fine.
CBA & ASIC executives get paid big bonuses.
CBA and ASIC throw lowly Financial Adviser in jail for far less, name 1 executive in CBA that has been charged over this ??????????
collective arrangements is what they are called – that is why the working class have unions – I am not a communist or a leftie as would be labeled by many – just the fact. Remember as long as you know that you are just a worker, the better off you will be. ” are brain farts all we are capable of “?
“Absolute power corrupts absolutely”
I am not sure what more can be done to CBA – so you dont think a a $700m fine is anything – for crying out loud – wake up – comments here are pathetic
Charge the CBA executives that oversaw the crimes – that’s what they should have done.
CBA dont pay the fine, the Shareholder pay the fine in lost dividends and profits.
CBA executives get pay rises and bonuses.
As do ASIC exectuives too.
Totally Disgusting !!!!!!!!!!!!
Your comment is very easy to answer. The difference with the big end of town is that those responsible e.g senior management are not kicked out of the industry, individually fined or have their names vilified in the press and lives ruined as FP’s are when they do wrong. ASIC’s standards are completely different towards the small vs. the large.
that’s not right – at CBA CEO Narev lost his job and at Westpac Hartzer the same – MOVE ON
Incorrect both left with multi $million payouts. Neither were banned by ASIC, neither were fined and both can return to the industry anytime they like., though they would be unlikely to need to after their huge payouts.
You are wrong – this cost both Narev and Hartzer millions of dollars along with a number of other executives in the bank. a lot of executives also lost their jobs – Lyn Cobley just to name one who was a very good person and operator – get your facts right before shooting off and posts
How many Bank Execs got charged for the many laws broken ?
Yep not 1
ASIC and the Institutions corrupt again
Its who you know, not what you know @ ASIC
Obviously the too hard basket would ASICm have to do some real investigative work rather than have matters handed to them on a silver platter.
Looks, smells and sounds like an LNP hit job to me. “If you want to keep your jobs and funding, don’t go after our mates. Wink wink. Just keep up appearances by nailing the little guys who don’t donate to us.”
Seriously? And Labor is so much better with their corrupt Unions and Industry Super gravy train who gets away with everything shy of murder – though wouldn’t surprise me if their union thug buddies have already gotten away with that as well!!!!
one word to show the double standards—DOVER
dover deserved what they got.
And an Advisor cops a 5 year ban for not rebalancing clients? This is ridiculous.
So they will destroy and publicly shame suburban advisers over processes that cause no financial harm, however the executives at banks get off (when the AML/CTF matter involves funding child exploitation crimes). Hang your heads in shame ASIC.
CBA didn’t get off. As the article says it paid a record $700 million fine – and rightly so. Also the AML/CTF matter you refer to involves Westpac, not CBA.
Shareholder pay the Fine in truth.
What CBA executive was charged = NONE = Disgusting ASIC
Weak as p—-. What a bully of an organisation, absolutely smash joe blow financial planner but hey cba wigs it’s all good. They need to be pulled into line big time.