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BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Recent blog posts
Sword of Damocles hangs over PM Turnbull   Sydney Morning Herald March 22 2017 - 12:15am Adele Ferguson   Come Thursday a royal commission or commission of inquiry into the scandal-ridden banking sector will be a genuine live issue in the Federal Parliament. From that point, the sword of Damocles will dangle precariously over Prime Minister Malcolm Turnbull's head, waiting for the right moment to fall. ASIC takes aim at the banks ASIC chairman Greg Medcraft tells the Economics Legislation Committee bank culture is still an issue that needs to be addressed. All it will take is one more Coalition MP in the lower house to cross the floor. Tick-tock, tick-tock. The clock was set on Tuesday when a bill was tabled in the Senate with the backing of a majority of the upper house. The bill's signatories include Greens senator Peter Whish-Wilson, independents Derryn Hinch and Jacqui Lambie, Nick Xenophon and...
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British banks including HSBC, RBS, Barclays and Coutts 'processed £600million in multi-billion pound Russian money-laundering scam'    As much as £65bn could have been moved out of Russia between 2010 and 2014  1,920 transactions went through UK banks and 373 through US banks  Records obtained by the Organised Crime and Corrupting Reporting Project  Read more: http://www.dailymail.co.uk/news/article-4332984/Banks-processed-600m-Russian-money-laundering-scam.html#ixzz4c1RhA4Ov    By FIONN HARGREAVES FOR MAILONLINE Some of the UK's top banks allegedly processed around £600 million in a multibillion-pound Russian money-laundering scam. High street names including HSBC, the Royal Bank of Scotland, Barclays and Coutts are among those involved, The Guardian reported. More than £16 billion and maybe as much as £65 billion was moved out of Russia between 2010 and 2014, the paper said.     +3 Some of the UK's top banks, including HSBC (pictured), the Royal Bank of Scotland, Barclays (pictured) and Coutts, allegedly processed around £600 million in a multibillion-pound Russian money laundering scam    ...
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http://www.abc.net.au/news/2017-03-20/morrison-medcraft-flag-property-investor-lending-crackdown/8369612         http://www.abc.net.au/news/2017-03-20/morrison-medcraft-flag-property-investor-lending-crackdown/8369612   Australia's Treasurer and chief corporate regulator have both flagged a further crackdown on property investor loans, as the regulator implies house prices are at risk of a massive fall. Key points: ·         ASIC boss warns housing prices typically revert to four times incomes; Sydney above 12, Melbourne near 10 ·         Regulator says banks "trusted" by borrowers to determine if they can afford a loan ·         Treasurer says regulators discussing further limits on property investor lending Limits on investor lending were first introduced in late-2014 in an attempt to cool an overheating property market. However, with recent home price index readings showing annual price rises of around 18 per cent for Sydney, 15 per cent for Canberra and 13 per cent for Melbourne, and official data showing a renewed surge in property investor lending, financial authorities have floated the possibility of tightening those rules restricting investment loans. "There remain pressures that have built...
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The dumbest bubble in history is the RBA’s By Houses and Holes in Australian Property, Australian recession at 12:45 pm on June 5, 2015 | 87 comments http://www.macrobusiness.com.au/2015/06/the-dumbest-bubble-in-history-is-the-rbas/ Chris Joye doesn’t mince words today: There’s only one party to blame for Australia’s unprecedented house price bubble. And it’s not buyers, vendors, developers, immigrants or local councils restricting new approvals. While they have all contributed to the underlying demand and supply dynamics, the unsustainable price growth across Sydney and Melbourne since January 2013 is squarely the responsibility of the monetary policy mandarins residing in the Reserve Bank of Australia’s Martin Place headquarters. It is these folks who dismissed our repeated warnings that they were blowing the mother of all bubbles and instead decided that the cheapest mortgage rates in history—enabled by cutting the cash rate a full 100 basis points below its global financial crisis nadir – is the elixir required to...
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Monopoly has become the  "exchange rate versus housing price shell game!"     Central Bank Shell Game: What Sweden’s Negative Interest Rates Do to Consumers     by Nick Kamran • Mar 19, 2017 http://wolfstreet.com/2017/03/19/central-bank-shell-game-sweden-negative-interest-rates-consumers-perspective/   Next: higher rates or currency crisis? By Nick Kamran – Letters from Norway: Sweden’s welfare state supposedly allows for success while providing a safety net for those unable to keep up with the market. In principle, it is an ideal, utopian-like state. However, Sweden’s touted economic success has come at the expense of its currency, the Krone (SEK), and long-term sustainability. Riksbank, the Swedish Central Bank, like its European contemporaries, has undertaken experimental policy, driving real and nominal interest rates below zero. Not All Growth is Equal Since 2014, Swedish deposit rates have been negative. Not only has overall negative real interest rate policy affected housing, but it also drove Swedish consumers deeper into debt. Embarking...
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This is what they are up to....somebody called 2GB from Singapore a few nights ago who said this is exactly what banks are doing...and those execs at APRA who do not eek and investigate evidence of criminal behaviour in Banks, do not find anything....just like Sister ASIC  APRA GRILLING at APH,   2nd March 2017  Page 25 Senator KETTER: Is it possible for Australian ADIs to be inadvertently financing foreigners buying Australian property by lending to foreign funds that are lending to foreigners buying Australian property?   Mr Byres: Yes—that is the short answer. All of those things could be happening. One of the problems that you have whenever you have a reasonably blunt quantitative limit like the 10 per cent benchmark is that there is a measure that we use to track that and people are inventive and innovative and there can be structures and ways in which credit will flow...
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You are a cooked goose as soon as you sign the loan application form   for the property valuation is all part of it!     Banks know US-Style Mortgage Fraud a ‘Nuclear Bomb’ to Australian Banks by Lindsay David • Apr 25, 2016  http://wolfstreet.com/2016/04/25/u-s-style-mortgage-fraud-australian-banks-rmbs-control-fraud/  Regulators close eyes, hope Housing Bubble doesn’t collapse. By Lindsay David, Australia, founder of LF Economics: The Australian Securities & Investments Commission (ASIC), which regulates financial services companies,has the backbone of a chicken wing when it comes to enforcing the rule of law; this is widely recognized in Australia and resulted in a Parliamentary inquiry. If any politician believes that ASIC is a “tough cop on the beat,” they should seriously reconsider their opinion on this issue. Under the pomp and ceremony of the government’s decision to levy the banks to fund ASIC’s prolonged $400 million+ annual fishing vacation is its pursuit of catching tadpoles in the...
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Bank reform to hold top execs accountable for breaches The Australian 12:00am March 20, 2017 Richard Gluyas It was revealed in The Australian last month that Scott Morrison had held talks with the major-bank chairs earlier this year about measures to combat the industry’s recurring governance and conduct lapses. The chairs are likely to meet with the Treasurer again before the proposed reforms are unveiled in the pre-budget period. Both Treasury and the industry have been working on a local version of the so-called senior managers’ regime in Britain, which facilitates enforcement action against senior bank executives by requiring them to attest to their specific responsibilities. The British rules require senior executives to sign off that they have taken reasonable steps to prevent regulatory breaches from occurring or continuing to occur in their area of responsibility. Details of the local version are being kept tight. However, a senior banker told The...
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How the free market failed Australia and priced us out of our own gas supply ABC News20 March 2017 Ian Verrender business editor   Fashion has a habit of turning full circle. Remember that old shirt, the super tight one with the stretchy material and weird collar that you found at the bottom of the wardrobe? What on Earth possessed you to buy it, you wonder. What were you thinking? For anyone who lived through the '70s, the memories of those fashion crimes often come back to haunt us. It was also an era when free market ideology began to assert itself in public policy. And with good reason. Government-run businesses were inefficient, bloated and bureaucratic. Letting them loose would free up scarce public funds, competition would lower prices and scarce resources would be allocated with the greatest efficiency. When Margaret Thatcher came to power in the UK in the 1980s,...
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Guidance is not a regulation! APRA announces fresh guidance on mortgage lending Thursday 23 February 2017 http://www.mortgagebusiness.com.au/breaking-news/10842-apra-announces-fresh-guidance-on-mortgage-lending The prudential regulator had today updated its exectations for sound residential mortgage lending for Australian banks. PRA released for consultation a revised draft of Prudential Practice Guide APG 223 Residential Mortgage Lending in October 2016 to incorporate measures previously announced in 2014 or communicated to ADIs since that time. “The revisions to APG 223 are designed to ensure that the sound lending practices that have been implemented across the industry since late 2014 are maintained and reinforced,” the regulator said in a statement. As a result of the consultation, APRA has made a small number of refinements to the prudential practice guide, which are explained in a letter to ADIs released today. However, APRA stressed that it does not expect these refinements to result in material changes to existing lending practices across the industry...
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Citizens Electoral Council of Australia Not before time, the Australian Labor Party has indicated a royal commission on banking could lead to the break-up of the Big Four banks. ALP frontbencher Matt Thistlethwaite explained to Peter van Onselen on Sky News on 14 March that Labor was looking at separating retail and investment banking, referring to the US law that Bill Clinton repealed in 1999, called the Glass-Steagall Act. “Is it possible that Labor might look at legislation to break up the banks?” van Onselen asked. “Yeah”, Thistlethwaite said. “There’s a whole host of people who argue that we should break up the retail banking sections, so deposits and mortgages, from the wealth management, the insurance that they’ve added on over recent years, and it’s an approach that was taken in the US, it was watered down unfortunately by Bill Clinton [who in 1999 repealed Glass-Steagall]. It’s something that they’re doing...
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Disqualification Register Page Content http://www.apra.gov.au/CrossIndustry/Pages/Disqualification-Register.aspx This page contains a current list of individuals disqualified from holding prudentially significant roles within APRA-regulated entities. Last Name First Name Date Effective Act & Section Entity - - 16 January 2004 Superannuation Industry (Supervision) Act 1993, s120A(2) Maxwell Business Equipment Hire Pty Ltd - - 16 January 2004 Superannuation Industry (Supervision) Act 1993, s120A(2) Raja Super Pty Ltd - - 16 January 2004 Superannuation Industry (Supervision) Act 1993, s120A(2) Duval Consulting Group Pty Ltd - - 16 January 2004 Superannuation Industry (Supervision) Act 1993, s120A(2) Mogdon Investments Pty Ltd - - 16 January 2004 Superannuation Industry (Supervision) Act 1993, s120A(2) B & C Wood Management Pty Ltd - - 16 January 2004 Superannuation Industry (Supervision) Act 1993, s120A(2) Buner Pty Ltd - - 16 January 2004 Superannuation Industry (Supervision) Act 1993, s120A(2) DR Glass & Glazing 24 HR Glass Trading Pty Ltd - - 16...
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Not a happy story for customer victims of bank fraud and tainted financial advice   generated by bankers.     Banks failing ‘not a happy story’ says ASIC Australian Financial Review Mar 17 2017 6:41 PM Alice Uribe   http://www.afr.com/business/banking-and-finance/financial-services/banks-response-to-bad-advice-not-a-happy-story-says-asic-20170317-gv0iwj   A furious corporate watchdog says the country's biggest financial institutions are failing to share information with the regulator and other firms about "bad apple" financial advisers, and not conducting proper background checks on advisers.  On Friday the Australian Securities and Investment Commission released a damning review into how Australia's banks and financial services firms dealt with inappropriate adviser behaviour.  It found serious deficiencies with the ways the firms conducted background checks on advisers and shared information on adviser misconduct with other firms who may employ terminated advisers.  The review also revealed that financial institutions often leave too much time between the discovery of a breach and its reporting; in one...
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Johnny Appleseed did it?  This is the Banker and ASIC SPIN   A few bad apples?  It’s a dodgy  Bank Orchard filled with financial adviser's who were taught by banks to sell developer investments.  Wait until the FA's find the courage to speak out and BLOW a very big WHISTLE on bank developer clientele!!! 18 March 2017 Adele Ferguson   http://www.smh.com.au/business/banking-and-finance/a-few-bad-apples-its-a-dodgy-adviser-orchard-20170317-gv0htc.html   It's the stuff of nightmares for customers. A report by the corporate regulator into the financial planning arms of the big four banks and AMP found 185 planners were "dishonest, illegal, deceptive and/or fraudulent" in their dealings with customers.  So far 26 have been banned, 60 are no longer in the industry and in 10 cases there was insufficient evidence.  But at least 75 are still at large, offering financial advice to their unsuspecting customers.  We don't know who these advisers are or where they are working. ASIC won't say. What we...
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Peter Kell chokes in his weeties and promises to have another attack of the “willbees.”  We will be doing something in future….maybe ten years from now………….. 'I'm gobsmacked': Banks fail to comply with unfair contract legislation  Cara Waters 8 March 2017 http://www.smh.com.au/small-business/finance/im-gobsmacked-banks-fail-to-comply-with-unfair-contract-legislation-20170308-guu00o.html  A review by the Australian Securities and Investments Commission and the Australian Small Business and Family Enterprise Ombudsman has found the big four banks have "substantial work to do" to comply with their obligations under unfair contract terms legislation.  One of the government's key measures for small business was the extension of the unfair contract term protections for consumers to cover standard form small business contracts entered into or renewed after November 12, 2016  But the review by ASIC and ASBFEO of small business loan contracts from eight lenders found they had failed to eliminate unfair terms from their loan agreements.  "I'm gobsmacked really," ASBFEO Kate Carnell says.  "The...
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What an insane guy is our Prime Minister – Malcolm Turnbull.  King of the Thought Bubbles.    We are in the middle of a PUMP and DUMP Property Bubble ready to implode, and Mad Malcolm suggests the way to solve the housing crisis is to build more homes!!!  At least (and at last) he acknowledges we have a CRISIS!  Construction crews are worked to the bone producing more homes – mainly CBD Dog Boxes.  One room units for a ‘low $990k.’  Problem is PM, people have been stitched up by humongous Bank DEBT, generated by Interest Only LOW DOC Sub Prime Loans.  Older people are targeted by BANKERS to encourage them to buy a second home on low interest rates using own home equity.  Now BANK rates will swing upwards and BINGO…..those trapped into cross-collateralisation sub-prime lending scandals, will lose their own home PLUS they will lose the actual investment home that...
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Banks want implementation of AML II but Turnbull has deferred doing so indefinitely!   Another PM Turnbull FAILURE to make a decision.     Legal profession faces ‘dire outcome’ if forced to comply with counter-terrorism financing laws   Guardian AustraliaFriday 17 March 2017 17.34   Nick Evershed and Paul Farrell   Extending anti-money laundering and counter-terrorism financing laws to Australia’s legal profession would erode lawyer-client privilege and could cost the industry 10% of the entire revenue of the legal profession, the Law Council of Australia has claimed.   The federal government has been consulting with industry groups about extending Australia’s anti-money laundering and counter-terrorism laws to different industry groups.   The consultation is focused on expanding the types of industries required to report suspicious matters, undertake certain types of due diligence requirements and verify identification now limited to certain types of financial institutions.   The range of bodies that could...
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 Banks pull back in loan stress zones - TOO LATE!!! $1.6 trillion in toxic lending and rising...........Catastrophic consequences for victims of Low Doc Lending   The Australian 12:00am March 18, 2017  Michael Bennet Banks are scrambling to pull back lending to stressed parts of the country and riskier borrowers, amid fears rising interest rates will exacerbate risks in a highly leveraged $1.5 trillion mortgage market that is “fraying at the edges”.   As Westpac yesterday followed National Australia Bank in hiking interest rates, former ­Reserve Bank board member Warwick McKibbin warned that an “adjustment” was looming and property prices could dive if overly leveraged borrowers stumbled under rising borrowing costs and investors ran for the exit.  He slammed governments for failing to undertake structural ­reform since the global financial crisis and relying on the RBA to prop up the economy by cutting rates to record lows, saying inaction had placed the property...
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Banks don't dob on their dodgy advisers for up to six months – ASIC   18 March 2017    Mario Christodoulou    Watch the show http://parlview.aph.gov.au/mediaPlayer.php?videoID=342550&operation_mode=parlview    http://www.smh.com.au/business/banking-and-finance/banks-dont-dob-on-their-dodgy-advisers-for-up-to-six-months--asic-20170317-gv0npr.html    Australia biggest banks are taking up to six months to notify the corporate watchdog when they find misbehaving advisers and frequently fail to properly check the background of the financial planners they employ. An Australian Securities and Investments Commission review released on Friday looked at how Australia's biggest financial institutions – Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank, Westpac Banking Corp and AMP – dealt with dishonest and incompetent financial advisers over a 5½-year period ending in June 2015. The five firms represent almost 9000 financial advisers or 40 per cent of all financial advisers in Australia. ASIC discovered as part of its review that nearly half of advisers the banks knew to be dishonest, incompetent or fraudulent had...
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  • Consent_Withdrawn
    Consent_Withdrawn says #
    Umm, pretty weird how long it takes for these things to be sussed out by ASICJOKE. 5 years? Bloody hell theyre fast! Wouldn't ha
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 Banks under investigation as ASIC targets dodgy mortgage lending At last ASIC admits sellers not to blame.  We agree.  Banks responsible for creation of dud mortgage products, deceiving sellers, and the wicked APPROVAL of unaffordable loans.  $1.6 Trillion worth of toxic mortgages.  Exclusive by Elysse Morgan and business editor Ian Verrender    http://iview.abc.net.au/programs/business#playing – 8 minutes in interview with Medcraft – brokers not to blame. Its the Banks, the Banks, the Banks   Thu Mar 16 19:45:09 EST 2017  http://mobile.abc.net.au/news/2017-03-16/banks-under-investigation-as-asic-targets-dodgy-lending/8361446?pfmredir=sm  Dodgy mortgage lending practices have become so rife that the corporate regulator has confirmed it has a significant proportion of Australian banks under investigation.  Australian Securities and Investments Commission (ASIC) chairman Greg Medcraft told The Business that, in addition to charges against Westpac Banking Corporation for allegedly failing to adequately assess clients, a further 10 institutions were in the firing line.  "When we are talking to lenders, it usually means we think they...
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 Interest-only loans a matter of no principal  Adam Creighton  The Australian 12:00am March 17, 2017   Negative Gearing is a perverse Government incentive to PUMP and DUMP property so the wealthy can gain even more riches.  But those who took out INTEREST ONLY LOANS will lose every asset and spend the rest of lives in POVERTY – guaranteed!  Here is why. Families and sellers of bank mortgage products were lied to BY THE BANKS as to LOW DOC Loans as the best product for them.  Victims were spruiked and did not ask for these loans.  They were sold the loans as being 'ordinary mortgages' needing less docs.  NO MENTION was made to BDMs or Sellers of the words INTEREST ONLY.  This is critically THE FRAUD. Most loans in Australia: $1.6 Trillion worth..................were being sold as LOW DOCS.  There is no such thing as an IO Loan that is not a Low Doc....
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 Hold on tight: the great property sell-off has begun  PropertyRoger MontgomeryMarch 17, 2017  http://rogermontgomery.com/hold-on-tight-the-great-property-sell-off-has-begun/  The much derided prediction of a sell-off in Australian property prices has finally started.  Prices in some cities are starting to fall.  Rental yields are becoming unsustainably low.  And many property buyers are now at the point of ‘no return’ (yes, the pun is intended).  Of course, you wouldn’t think the property bubble had reached its finale if you looked at the headline-grabbing median prices and the ridiculous prices being paid for shoe boxes in Sydney’s Paddington – “Hey, what’s an extra million when the additional interest is $45,000 a year.”  And that is the point. We know that the boom in property prices has little to do with anything other than historically low interest rates, which have made paying an extra million at auction as insignificant as an impulse purchase of a bar of chocolate at...
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  Property investors 'materially dependent' on rent face steep rate hike   Australian Financial Review   Mar 15 2017 11:00 PM   James Eyers    www.afr.com/business/banking-and-finance/financial-services/...    Property investors who are "materially dependent" on income generated from renting their property face steep increases to interest rates in the coming years, as banks respond to global regulatory changes that will require them to hold higher levels of capital against such loans.    An alarming report published by JPMorgan on Wednesday says regulatory reforms known as Basel 4 will require banks to hold up to five times the amount of capital against investor loans materially dependent on rental income to repay the loan.    This could lead to interest rates for loans to investors with deposits of less than 20 per cent rising 3 percentage points, lifting from the present rate of about 4.5 per cent to 7.5 per cent – even if...
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   ASIC FAILING TO REIGN IN THE MAJOR BANKS  ASIC CHIEF and their five equally useless Commissioners are intentionally failing to understand their core responsibility of Consumer Protection. ASIC and APRA think their core job is to protect PM Turnbull's beloved Neo-Liberalism FREE MARKET system of destruction of the very lives of ordinary citizens. The plan is to enable the Banker criminals to earn $10 million a year from running these PONZI Fraud's. So easy to see and understand thanks to BFCSA and its Member's long time commitment to uncovering these crimes. FRAUDULENT LENDING PRACTICES by Australian BANKS have been RAMPANT for over 15 years. ASIC were instrumental in LYING TO PARLIAMENT at every turn over that period.  Twenty-Two Inquiries full of lies and denials of SYSTEMIC ISSUES and thereby covering up the truth. Australia has become a complete embarrassment to the rest of the civilised world. Corporate Cop Gregory "Evilious" Medcraft,...
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Westpac, ANZ donate $6 million to charity over foreign exchange breaches Sydney Morning Herald March 15 2017 - 1:44pm Mathew Dunckley   Banking giants Westpac Banking Corp and the Australia and New Zealand Banking Group will donate $6 million to charity and submit their wholesale foreign exchange arms to independent scrutiny as part of a settlement with the corporate regulator. The Australian Securities and Investments Commission on Wednesday announced it reached a deal with Westpac and ANZ to set up so-called 'enforceable undertakings' that will commit the banks to good behaviour after problems were discovered in their wholesale foreign exchange businesses. An ASIC investigation into a five year period between 2008 and 2013 bound both banks failed to have systems strong enough to spot inappropriate conduct identified including the disclosure of confidential client trading information to external traders through the use of code names. "The foreign exchange market is a systemically...
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