By registering with our site you will have full instant access to:
268,000 posts on every subject imaginable contributed by 1000's of members worldwide.
25000 photos and videos mainly relating to the British Merchant Navy.
Members experienced in research to help you find out about friends and relatives who served.
The camaraderie of 1000's of ex Merchant Seamen who use the site for recreation & nostalgia.
Here we are all equal whether ex Deck Boy or Commodore of the Fleet.
A wealth of experience and expertise from all departments spanning 70+ years.
It is simple to register and membership is absolutely free.
N.B. If you are going to be requesting help from one of the forums with finding historical details of a relative
please include as much information as possible to help members assist you. We certainly need full names,
date and place of birth / death where possible plus any other details you have such as discharge book numbers etc.
Please post all questions onto the appropriate forum
-
4th June 2018, 09:46 AM
#1
I read the news today !!!! OH BOY
Australia's Commonwealth agrees to pay a record fine.
ABC news reported the story today and i suspect that if they have agreed to pay the fine, and no objection or appeal, then they have got off lightly.
I know it's a lot of money but they think in billions not millions.
Article reads -
Commonwealth Bank to pay $700m fine for anti-money laundering, terror financing law breachesThe Commonwealth Bank has agreed to pay the biggest fine in Australian corporate history for breaches of anti-money laundering and counter-terrorism financing laws that resulted in millions of dollars flowing through to drug importers.
CBA will pay $700 million plus legal costs after federal financial intelligence agency AUSTRAC last year accused the bank of serious and systemic failures to report suspicious deposits, transfers and accounts.
As part of the settlement, CBA admitted to the late filing of 53,506 reports of transactions of $10,000 or more through its "intelligent deposit machines" (IDMs).
Link to complete here.
http://www.abc.net.au/news/2018-06-04/commonwealth-bank-pay-$700-million-fine-money-laundering-breach/9831064?section=business
-
Post Thanks / Like
-
4th June 2018, 09:58 AM
#2
Re: I read the news today !!!! OH BOY
Yes a Big fine but it only ammounts to 25 days Profit for them!
Like a Guy eraning $80,000 a Year and getting a $5000 Dollar hit!
Cheers
Senior Site Moderator-Member and Friend of this Website
R697530
-
Post Thanks / Like
-
4th June 2018, 10:14 AM
#3
Re: I read the news today !!!! OH BOY
#1... when we came here in 1991 we were advised by the immigration authorities to open an account with the Commonwealth Bank. Which we did. After a year or so I thought the bank charges were a bit iffy. So I took my money out and put it into another bank the R and I bank. A couple of years later they were taken into the BankWest system. Within the past few years they have been taken over by the Commonwealth Bank and have finished up where I started 28 years ago. The banking system I have never really understood! As long as they don’t run away with mine I don’t mind. The same as. The income tax system I fail to see why it should be so hard. To understand. I have always obeyed the fiscal laws especially towards money laundering , and when recently transferred money for family reasons went on the advice of the bank. Anything over 10,000 dollars has to be recorded. So how they get that up to billions has. Obviously been by. Big criminal acts so they deserve the fines as must have been in collusion. Cheers JWS.
Last edited by j.sabourn; 4th June 2018 at 10:16 AM.
-
Post Thanks / Like
-
4th June 2018, 10:17 AM
#4
Re: I read the news today !!!! OH BOY
Hi Trevor,
Apparently the fine incurred is about 10% of CBA's profit for the last financial year. However, the shareholders shouldn't be too concerned, this evening, the T.V. news reported that CBA shares (on the Sydney Stock Exchange) went up again today......... Gives you a warm fuzzy feeling, doesn't it ?
.........Roger
-
Post Thanks / Like
-
5th June 2018, 06:45 AM
#5
Re: I read the news today !!!! OH BOY
Have been with them since they took over the old state bank many years ago.
All our super is with Colonial First State, now owned by them.
Had an account to day from them, fees for the year a total of 0.9% which by most standards is very low.
Back in the 80's I wrote to the head of the bank after anew tax had been introduced on cheque accounts.
On advice from a teller did away with the cheque book and reverted to credit card, no paying $8 a month in fees for me.
Told the head I was paying a home loan at a much higher rate than the interest on my term deposit, and to add insult to injury charged me $5 a month account keeping fee.
Got a letter back a few weeks later telling me that fees and charges were subject to customers needs.
However, apart from the service fee on my home loan, now long gone, the bank has never charged me as much as one cent in charges since.
Pen is mightier than the sword at times.
As to the laundering bit, it was done through ATM's which the governing authority sanctioned for all banks to use.
Unlike face to face deposits no onw knew who paid in or where it went.
Last edited by happy daze john in oz; 5th June 2018 at 06:46 AM.
Happy daze John in Oz.
Life is too short to blend in.
John Strange R737787
World Traveller
Tags for this Thread
Posting Permissions
- You may not post new threads
- You may not post replies
- You may not post attachments
- You may not edit your posts
-
Forum Rules