The Commonwealth Bank is facing a fine of around $963,108,000,000 after Austrac allege the bank failed to promptly report 53,506 cash transactions above $10,000, and failed to report suspicious transactions under the threshold. Austrac has also criticised the bank’s management of their recent ATMs that allow anonymous transactions. Austrac alleges the banks actions allowed criminal activity to occur, including money laundering. The bank denies the allegations.
Bloomberg has confirmed that Murdoch supporter
Saudi Arabia’s Prince Alwaleed Bin Talal, currently under arrest for alleged fraud, has sold all his shares in 21st Century Fox, worth about US$1.5 billion. The Murdoch family’s control of Fox is looking extremely shaky as they face a vote to unwind their gerrymander hold on the company.
I remember AMP as a mutual company who looked after their investors and owners, who were the same people. Since it was demutualised in 1998 it hasn’t cared for the people who invest money with AMP, it’s only cared about ripping them off. What’s come out in the banking royal commission is not a surprise.
The Australian has revealed that prominent Melburnian Peter Costello was agast that not one of the nine independent members of the NAB board is based in Victoria. Outgoing chairman Ken Henry lives on the NSW North Coast, with five others living in Sydney, two in New Zealand, and one in Hong Kong. The Melbourne based bank has a Sydney centric board.