CBA, Narev blasted over money laundry
Inside the extraordinary scale and systemic nature of the problem at Australia's largest bank.
James Eyers writes on banking, fintech and technology. Based in our Sydney newsroom, James is a former Legal Affairs and Capital editor for the Financial Review
Inside the extraordinary scale and systemic nature of the problem at Australia's largest bank.
Five people have been jailed in the past months over money laundering related to CBA's lax money transfer systems.
Despite years of warning, CBA continued to give safe haven to illegal activities including money laundering, possibly even terrorism.
AUSTRAC's claims that criminals deposited millions into CBA accounts using fake names will rattle the nation's largest bank to the core.
The nation's biggest grains handler is trialling technology that could prove provenance and help farmers earn more in export markets.
Less than 1pc of enhanced credit files are being publicly reported, way less than the 40pc threshold.
The banks have hit back at the government's unprecedented move to try to fix up banking culture.
ASIC asked the companies to remove the apps after Australians lost $3 million on the products in 2016.
Ahmed Fahour, who has joined BCG, says digital identity is one of the biggest investment opportunities for the next decade.
A Committee for Sydney report finds 579 fintech start-ups nationally employ more than 10,000 people.
Removing the barrier was one of several government budget efforts to lift competition in the banking sector.
Stagnant wage growth will curtail spending by big corporates, says WIB's CEO Lyn Cobley.
Westpac hopes new technology will free up time for its bankers and make customers more sticky.
The business lender has seen loans to SMEs surge to $400 million.
Scott Morrison has reassured non-bank lenders the government wants APRA to use new oversight of them only as a "reserve power".
Ex-Westpac CEO Gail Kelly's new book has a clear message for bank leaders as they work on ways to restore public trust.
Shadow banks will protest over new APRA powers which may curb lending, increase funding costs and exacerbate a housing crash.
Fintech start-ups are concerned the federal government's string of inquiries into competition and data won't be properly coordinated, stifli...
Fintech hub Stone & Chalk will open in Melbourne next month with the support of new corporate backers.
The former NSW premier is using his political skills to open doors for NAB customers seeking US infrastructure deals.
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