Allegations that the Commonwealth Bank of Australia has been complicit in money laundering is just the latest example of issues with regulatory compliance and risk management in the financial sector. Our research shows that some of the problem is due to the incentives paid to financial professionals to boost profits. But
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The financial markets have a long and storied history — and some of the most popular assets at the global can in seen in precious metals. Some of the most valuable examples here include gold, silver, and platinum as each is well-known for its ability to remain stable and provide investment
Read MoreOnline credit card fraud is on the rise in Australia, but pointing the finger at any one group won’t help. It’s an ecosystem problem: from the popularity of online shopping, to the insecure sites that process our transactions, and the banks themselves. A recent report from the Australian Payments Network found
Read MoreRecent commentary on levels of inequality exposes the myth that Australia is an egalitarian society in which the privileges of birth have little currency. Focusing on inequality in the distribution of incomes ignores an equally important dimension of inequality: wealth. Wealth is much more unequally distributed than income. Therefore, ignoring wealth
Read MoreJapan based shipping company, Nippon Yusen Kabushiki Kaisha Ltd (NYK), was convicted and fined $25 million today in the Federal Court of Australia. It was the first modern criminal prosecution of cartel conduct in Australia. The cartel involved collusion in fixing the freight rates and market shares for the international
Read MoreASIC and OpenMarkets Australia Limited (OpenMarkets) have agreed for an independent expert to monitor, evaluate and report on OpenMarkets' implementation of recommendations arising from an independent review of its trading and compliance arrangements. The independent expert completed their review of OpenMarkets’ trading and compliance arrangements in March 2017, in accordance with
Read MoreAustralia’s financial intelligence and regulatory agency, AUSTRAC, today initiated civil penalty proceedings in the Federal Court against the Commonwealth Bank of Australia (CBA) for serious and systemic non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). AUSTRAC acting CEO Peter Clark said that this action follows an investigation by AUSTRAC
Read MoreThe Australian Government has announced $1.9 million in Citizen Science Grants for five new projects. This follows the recent funding of $4.4 million for 13 Citizen Science Grants projects. Citizen Science supports community participation in scientific research projects that have a national impact. Working with qualified scientists, participants collect and analyse scientific data,
Read MoreThe Coalition Government today launched the 2017–18 Farm Business Concessional Loans Scheme in South Australia and Tasmania, with an initial commitment of $10 million to support eligible farm businesses. Deputy Prime Minister and Minister for Agriculture and Water Resources, Barnaby Joyce, said this was part of the government's $250 million commitment to
Read MoreApple's earnings climbed 12 percent to $8.7 billion in the company's latest quarter amid rising demand for iPhones while the iPad snapped out of nearly four-year sales slump. Revenue increased 7 percent from last year to $45.4 billion. The fiscal third-quarter results announced Tuesday exceeded analysts' projections for the period spanning from
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