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‘Law breaking on a grand scale:’ CBA’s money laundering failures on trial
Class Actions 2022-11-07 11:22 pm By Cindy Cameronne

The Commonwealth Bank of Australia knew about a “catastrophic” code error that caused widespread non-compliance with money laundering rules two years before it was disclosed to the market, a court has been told in a rare shareholder class action trial.

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NAB acted unconscionably with periodic payment fee overcharges, judge finds
Financial Services 2022-11-07 11:24 pm By Christine Caulfield

A court has found National Australia Bank engaged in unconscionable conduct in knowingly overcharging thousands of customers periodic payment fees for four years.

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Australia ‘really needs’ an unfair practices law, ACCC deputy chair says
ACCC 2022-11-04 11:39 pm By Cindy Cameronne

The outgoing deputy chair for the Australian Competition and Consumer Commission says Australia “really needs” a new unfair practices law, echoing sentiments from the regulator’s former boss.

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Wife of billionaire developer can’t suppress affidavits in $272M ATO case
Tax 2022-11-04 5:41 pm By Sam Matthews

The wife of a billionaire developer targeted in a $272 million proceeding by the Australian Taxation Office has lost a bid for suppression orders over the affidavits of a tax official she said would cause the couple to suffer reputational and commercial harm.

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Dell misled online customers about inflated discounts during COVID lockdowns, ACCC says in new case
Competition & Consumer Protection 2022-11-04 11:13 pm By Christine Caulfield

The consumer regulator has taken Dell Australia to court for allegedly making misleading statements about the price of add-on monitors that could be purchased with Dell computers during the height of the COVID-19 pandemic.

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Class action trial looms for CBA over money laundering disclosures
Class Actions 2022-11-03 11:59 pm By Cat Fredenburgh

The Commonwealth Bank of Australia faces trial Monday in one of several class actions filed against a major Australian company in recent years over allegedly lax money laundering practices and disclosures.

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Crypto, greenwashing and predatory lending on ASIC’s radar amid ‘near-perfect storm’
ASIC 2022-11-03 3:15 pm By Cindy Cameronne

The Australian Securities and Investments Commission is targeting predatory lending, greenwashing and crypto-assets as rising interest rates cause consumers to turn to fringe sources of credit.

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ASIC’s greenwashing crackdown means no more ‘purely aspirational’ targets
Environment 2022-11-03 11:29 pm By Cindy Cameronne

The Australian Securities and Investments Commission has drawn “a line in the sand” on greenwashing and will no longer accept “purely aspirational” climate change targets from companies, the regulator’s deputy chair has said.

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ASIC boss sounds warning about ‘risky’ crypto-assets amid flurry of investigations
Cryptocurrency 2022-11-03 11:39 pm By Cindy Cameronne

The chair of the Australian Securities and Investments Commission has warned consumers about investing in “risky, speciality, poorly understood” crypto-assets, as the regulator steps up its investigations into managed funds acting in the space. 

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AUSTRAC to probe Sportsbet, Bet365 over money laundering concerns
AUSTRAC 2022-11-03 11:00 pm By Christine Caulfield

Sportsbet and Bet365 face an audit by AUSTRAC over their compliance with anti-money laundering and counter-terrorism financing laws.

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