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In 2008, a whistleblower went to ASIC to report a coverup in the Commonwealth Bank of Australia for a former financial planner. [8]Michelle Grattan characterised the then-incoming Abbott Liberal-National government as being "determined to weaken protections" that Labor had introduced, although she noted these attempts were defeated by the Senate crossbench.
Macquarie was founded on 10 December 1969 as Hill Samuel Australia Limited (HSA), a subsidiary of the UK's Hill Samuel & Co. Limited. [11]The group's logo is a stylised version of the holey dollar, Australia's first coinage which was designed by Governor Macquarie.
Fraud victims, including those defrauded by authorised push payment (APP) scams, where fraudsters trick people into sending them money unwittingly, are told to contact their bank’s fraud team ...
Countries affected by the fraud. The CumEx-Files is an investigation by a number of European news media outlets into a tax fraud scheme discovered by them in 2017. [1] A network of banks, stock traders, and lawyers had obtained billions from European treasuries through suspected fraud and speculation involving dividend taxes.
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On 3 August 2017, AUSTRAC took action against the Commonwealth Bank alleging that it did not report cash transactions over $10,000 within the required 10 business day period, or at all. The alleged breaches involved over 53,700 transactions over $10,000 through a type of ATM that allowed anonymous cash deposits up to $20,000. [ 9 ]
A Macquarie Bank report states that the company was worth $3.5 billion, and the share price doubled within days. Merrill Lynch predicted that the company would run out of money by April. In February, director Rodney Adler sold 5 million shares for $2.5 million. During April and May the company's problems became increasingly apparent.
The Australian Prudential Regulation Authority (APRA) is a statutory authority of the Australian Government and the prudential regulator of the Australian financial services industry.