Westpac has been hit with a lawsuit by AUSTRAC for its alleged “systemic” failure to comply with anti-money laundering and counter terrorism finance laws.
The Commonwealth Bank of Australia’s insurance division, CommInsure, has pleaded guilty to 87 criminal charges that it hawked life insurance products in unsolicited telephone calls, but wants credit for the early plea.
The National Australia Bank faces the prospect of “significant monetary penalties” after self-reporting a potentially large number of money laundering and counter terrorism financing breaches to AUSTRAC and its overseas counterparts.
Commonwealth Bank’s wealth management unit Colonial First State has been hit with a second class action in as many days, this one alleging it charged excesssive superannuation fees to fund commissions to financial advisers.
Commonwealth Bank subsidiary Colonial First State and former director Linda Elkins face a class action alleging the wealth management group breached its superannuation trustee duties by failing to promptly transfer $3.2 billion of default membersā funds to a lower-cost, high-performing MySuper product.
Insurance company Allianz Australia will need set aside an extra $250 million in capital until it strengthens its risk management, making it the fifth financial institution to be slapped with additional requirements by the prudential regulator.
Fitch Ratings has agreed to settle the last of the investor class actions in Australia flowing from the global financial crisis, a court heard Friday.
The corporate watchdog has warned ārobustā enforcement action is on the cards for banks and lenders, after a review found consumer credit insurance policies to be “extremely poor value for money”, paying out as little as 11 cents per dollar spent in premiums on average.
Rival law firms Maurice Blackburn and Phi Finney McDonald will be allowed to work together without consolidating their separate shareholder class actions against the Commonwealth Bank of Australia, after a judge ruled that the bank had overstated the potential for extra costs and delays.
A former Commonwealth Bank executive facing criminal commercial bribery charges has been ordered to hand over a number of documents in a US lawsuit brought by IT company Computer Sciences Corporation, but has avoided orders compelling him to take the witness stand.