Australia’s financial sector has not yet
recovered from the scandal that has engulfed the Commonwealth
Bank of Australia in recent years. The company was found to
have breached anti-money laundering and terrorist financing
laws, which resulted in money reaching drug importers.
Things have continued to be challenging for the company.
Recent reports suggest that its insurance arm,
CommInsure, faces criminal charges after being accused of
cold-calling customers to sell life insurance.
Australia’s financial regulatory bodies have
"beefed up efforts to look at best interest and
responsibilities", according to Sydney-based Minter Ellison
partner, Stuart Johnson. In particular, he noted a shift from
disclosure to an enforcement-first approach.
The case that started it all began when the Commonwealth
Bank was accused of terrorist financing and money-laundering.
The bank paid a record fine of 700 million AUD ($472.1 million)
last year following an investigation by the Australian
Transaction Reports and Analysis...