Clancy Yeates writes on business specialising in financial services. Clancy is based in our Sydney newsroom.
Two men recently jailed over a $2 million money laundering plot using a "cuckoo smurfing'' scam are among 11 people already jailed as part of criminal syndicates caught exploiting Commonwealth Bank accounts to wash money.
Investors have dumped CBA shares after it was sued for allegedly breaching anti-money laundering laws.
Austrac has started court action against CBA, alleging "serious and systemic non-compliance" with the Anti-Money Laundering and Counter-Terrorism Financing Act.
Suncorp has lifted dividends paid over the full year by 7 per cent, a sign of confidence in its outlook as the company benefits from rising insurance prices.
QBE sold cover through car dealerships that was of "little or no benefit" to consumers.
Rising home loan interest rates may push mortgage stress further into "elevated" territory in mining regions and other parts of the country with weak labour markets, mortgage insurance giant Genworth says.
Chief executive salaries of $600,000 and above are viewed as unethical by the majority of Australians, according to a new survey.
Banks will stop trying to sell add-on insurance to customers at the same time as they are taking out a credit card.
Australia's big banks have slammed the brakes on project finance lending to expand the coal industry since late 2015, but are still lending billions for other fossil fuels developments, environmental finance group Market Forces says.
As premier of NSW, Mike Baird helped pioneer "asset recycling". Now, as a NAB executive, he's looking at how the bank and its clients may benefit.
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