Article: NAB and CBA exposed over PNG money laundering

Article - Media

NAB and CBA exposed over PNG money laundering

Angus Grigg, 12 July 2021

The largest lender in the Pacific, BSP Financial Group, has been ordered to remove senior managers following breaches of anti-money laundering laws in Papua New Guinea, putting further pressure on Commonwealth Bank of Australia and National Australia Bank to cut ties with the troubled institution.

BSP, which listed on the ASX in May and trades as the Bank of South Pacific, was found by the PNG regulator to have committed dozens of violations of anti-money laundering laws, running to thousands of individual breaches. Continue reading “Article: NAB and CBA exposed over PNG money laundering”

Article: Commonwealth Bank (ASX:CBA) share price hits new record despite money laundering scandal

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Commonwealth Bank (ASX:CBA) share price hits new record despite money laundering scandal

Brendon Lau, 16 June 2021

The Commonwealth Bank of Australia (ASX: CBA) share price broke a new record high on Wednesday despite being tainted by a money laundering scandal.

The CBA share price jumped over 1.4% to $104.82 even as the S&P/ASX 200 Index (Index:^AXJO) struggled to hold its head above water. Continue reading “Article: Commonwealth Bank (ASX:CBA) share price hits new record despite money laundering scandal”

Article: NAB Anti-Money Laundering Compliance: A disaster waiting to happen

Article - Media

NAB Anti-Money Laundering Compliance: A disaster waiting to happen

miragenews, 10 June 2021

The Finance Sector Union (FSU) is concerned about reports regarding the compliance failures at the NAB.

FSU National Secretary Julia Angrisano said the union has expressed its concerns to the NAB for many years, that the constant restructuring, casualisation, and setting of unrealistic targets has negative consequences for staff, the NAB, and the wider community.

“These concerns have now been borne out by media reports that show a workforce that is under great stress, trying to do the impossible with little resourcing and next to no training,” Ms Angrisano said. Continue reading “Article: NAB Anti-Money Laundering Compliance: A disaster waiting to happen”