Will CBA scandal break the bank?

The CBA has allegedly enabled criminal syndicates to launder millions of dollars.

Through failing to comply with strict money laundering laws, the Commonwealth Bank of Australia (CBA) has enabled major criminal syndicates to launder millions of dollars in Australia.

Yesterday, the Australian Transaction Reports and Analysis Centre (AUSTRAC) filed a Federal Court motion to prosecute the bank of almost 54,000 alleged contraventions of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF) laws since 2012.

It is being said that the Commonwealth Bank allegedly failed to comply with strict money laundering and counter terrorism financing laws and monitor almost 780,000 accounts.

Criminal syndicates and drug traffickers, possibly even terrorist organisations, have allegedly been able to launder money through the bank’s Intelligent Deposit Machines (IDMs), which are similar to ATMs only they also accept cash and cheque deposits.

According to the filed motion: “The deposits were the proceeds of a drug manufacture and importation syndicate. Three individuals have been charged with dealing with proceeds of crime, with one of these individuals already having been convicted.”

The Australian Federal Police has also found that bank accounts were opened by foreigners on holiday visas, through which tens of millions of dollars were laundered back overseas.

Other suspicious activity was identified by the bank, but it allowed the suspects to continue operating until police arrested everyone involved.

There have also been reports of the bank failing to report other suspicious activity.

All told, CBA did not comply with the requirements of its AML/CTF program relating to monitoring transactions on 778,370 accounts.

The bank could be facing fines totalling about a trillion dollars for the alleged breaches – about seven times the bank’s market value.

Last year, when CBA Chief Ian Narev was interviewed by a federal parliamentary committee over the financial planning scandals, he said: “At this stage we have not had individuals terminated as a result of this because we have not seen the need to do that.”

Read more at www.news.com.au

Will the individuals responsible for potentially bringing the Commonwealth Bank to its knees, possibly destroying the livelihood of millions and maybe terminating the jobs of thousands, be sacked? Do you think that, considering these findings, there should be renewed calls for a royal commission into the banking and finance sector?

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    COMMENTS

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    pedro the swift
    4th Aug 2017
    10:31am
    Simple . Those responsible should be charged,tried and if quilty, convicted and sentenced as required.How much of this money was "kickbacks" to bank officials?
    HDRider
    4th Aug 2017
    10:57am
    Use the full force of the law against this bank, the staff responsible and the CEO, no excuses, the LAW is the LAW
    Grateful
    4th Aug 2017
    11:07am
    We MOST CERTAINLY need to have a Royal Commission into all aspects of banking and financial institutions. How many more scandals must be discovered before this government will act????
    Only from that will we get an absolutely transparent outcome from which the full force of the law be thrown at those found to be corrupt or negligent!!!!
    WHY is this government so against having that Royal Commission and afraid of what it might reveal???? THAT is the question they should be being asked. NOW!!!

    And why have they seemingly gone cold on the OBVIOUS mismanagement of the Murray Darling scheme!!! More corruption and law breaking at the highest level??? "Mates" being protected???
    Old Geezer
    4th Aug 2017
    1:43pm
    Royal commission into what? Banks doing what they are required to do?
    jeffr
    5th Aug 2017
    6:56am
    Since when has "Money Laundering"been a legal activity OG and yes the sooner we have a Royal Commission into these greedy self serving banks the better.
    LiveItUp
    5th Aug 2017
    7:48am
    If you pay anyone cash to do a job for you or even buy domething without a receipt or something even a reciept you are part of the black economy. The black economy is simply money laundering. I hope you remember that next time you pay cash for anything and resist if the transcation does not provide your with legal documents to support it.
    ex PS
    6th Aug 2017
    4:31pm
    The money being laundered could be going anywhere including Terrorist organisations. We need a Royal Commission because the banks are obviously not dong what they are supposed to do.
    Not Senile Yet!
    4th Aug 2017
    11:24am
    It is high time that both Parties became united in Appointing Independent Auditors to unannounced can Audit Banks for Compliance on Strict Administration procedures that are already legislated. Just as we need Police....Banks need Compliance Auditors to keep them accountable!
    Regulations need to be Policed...Administered!

    4th Aug 2017
    12:05pm
    It's not the banks fault for heavens sake
    Not easy to detect such transactions
    AUSTRAC should bear responsibility
    Leave the banks alone
    Many retirees hold bank shares
    Seadove
    4th Aug 2017
    12:31pm
    You have to be joking!!!! How many times does the CBA and its practices have to be brought to light in order to have this royal commission? They have been actively ripping retirees off and you defend them? Analysts can easily write computer programmes to detect the amounts of money that are being deposited and run log files to collect the data of the amounts over and above the limit. It is the banks fault and they should be brought to their knees. I gave the big four banks away years ago because of their behaviour and it amazes me how people still bank with any of them. If they aren't ripping normal people like you and me off they are grossly overpaying their CEOs which is just sickening to say the least.
    Old Geezer
    4th Aug 2017
    1:00pm
    I agree as the deposit transaction were under the $10,000 reporting limit and all accounts were set up using current guideline. Can you tell a false drivers licence form a valid one?
    Old Geezer
    4th Aug 2017
    1:09pm
    Seadove have you got any idea how many transactions a day would be over the reporting limits? Sure you could write a program to detect these but no bank in the world would have the man power available to check every one of them especially if they are over multiple accounts.

    AUSTRAC is going to come out of this with egg on their face.
    niemakawa
    4th Aug 2017
    1:14pm
    OG amounts do not necessarily have to be over $10,000. Any amount can be flagged if there is reason to believe that it may not be a legitimate transaction.
    Old Geezer
    4th Aug 2017
    1:36pm
    There was no reason to believe these transactions were not legitimate so why would they be flagged. Obviously these people knew the rules and used them well.
    niemakawa
    4th Aug 2017
    1:47pm
    OG that is what I said. Innocent until proven guilty. I am sure the bank acted in the best interest of its customers.
    outlander
    4th Aug 2017
    12:19pm
    Is it the banks fault, or are several individuals at fault?...Find the crooks by all means..I can not see the CBA having a policy of money laundering..will be interesting...Banks might be money grubbers but I have no wish to see the failure of a major bank..American banks, GFC etc..
    Annie
    4th Aug 2017
    12:20pm
    CBA won't be the only bank at fault. NAB has these deposit machines as well and probably the other majors. I don't think I would be surprised that AUSTRAC will be following up those 1,000s of transactions too. The fines could very well pay off the deficit!!
    GeorgeM
    5th Aug 2017
    9:05pm
    If this is due to Technology / software not tracking such cases properly, I guess the bank(s) have only themselves to blame for Outsourcing most of such technology, but unluckily for them, not the outcomes! Also, hiring these massively overpaid CEOs, whose drive to get fat bonuses force the staff to get profits by outsourcing to low cost overseas companies, is a key factor.
    john
    4th Aug 2017
    12:23pm
    The Commonwealth now needs to be taken back over by the government. Simple.
    Triss
    4th Aug 2017
    12:30pm
    I agree with you, John.
    Seadove
    4th Aug 2017
    12:34pm
    Totally agree with you John along with electricity providers. They should be run as not for profit concerns for all Australians.
    Anonymous
    4th Aug 2017
    12:36pm
    Oh don't be stupid
    Governments have no business running a business

    Will end up counting taxpayers heaps in the long run
    Sure way of wasting taxpayer money
    Rae
    4th Aug 2017
    12:59pm
    No better to have crooks and carpetbaggers running it Raphael and just fling our hard earned and tax dollars to them to take overseas to tax havens.

    It is foreign governments running our electricity supplies right now and making a packet from us.
    Tom Tank
    4th Aug 2017
    1:18pm
    It is an ideological believe that governments have no business running a business.
    Prior to Hawke and Keating privatising the CBA having that bank in public ownership acted as a brake on the excesses, that we now see, of the banking industry.
    Back then the CBA competed against the other big banks but they in turn had to compete against CBA. The banking system ran well the executives were all paid appropriately and, in general, the banks provided a good service.
    Now we are reaping the downside of the banks having free rein and virtually doing as they please with benign support from the Government.
    Privatisation has not worked for the ordinary person and the usual rubbish gets trotted out in support of all those sell-offs.
    niemakawa
    4th Aug 2017
    1:19pm
    Thanks, but no thanks.
    Anonymous
    6th Aug 2017
    5:12am
    Goodness, Raphael. Would you have us believe privatization has brought costs down? Really?
    Rae
    6th Aug 2017
    8:47am
    Yes Rainey I saw one of those yellow warning signs about the sell off causing huge increases in bills yesterday at netball on a pole and thought to myself that people were warned long before the sale, In fact they could have protested and stopped all the privatisations. Now they complain about the high costs. It will get worse I expect.
    Hope you have deed title insurance organised.

    It is a belief mainly from those jealous of public service pay, conditions etc not realising it was a strong union of most members who negotiated those terms with lots of hard battles. And the benefits flowed through to other workers as well.

    Business gives nothing without a very prolonged fight. Never have and never will.

    Those believers in private for profits will reap the whirlwind now they have private operators at their throats. Something very nasty about the envy factor in Australia and the desire to have all suffer except overseas governments and businesses. Bizarre really.
    mike
    4th Aug 2017
    12:38pm
    Conspiracy theory. First Australia had to be disarmed. Then our economy has to be downgraded because we are too strong against some of our trading partners in the Pacific Rim. Since our banks are the safest and strongest in the world, thay had to be pulled down. First Turnbull announced Banks had to keep more cash in reserve to guard against a run on our banks. Cash is expensive and to have a huge amount lying idle was a big blow to our banks. Not satisfied with that, Turnbull went ahead with the $6.9 million bank theft, which only targetted our Australian banks, not the foreign banks, leaving the door for unfair competition, and how much of that Australian Bank theft will end up in our politicions pockets? Now still not satisfied, Turnbull is determined to bring the CBA down, our safest and strongest bank. Of course, the fact that it holds most of our retirees money, and mum and dad shares, and all our super funds are invested in our big bank IS JUST A BONUS. Since Hockey destroyed the retirement plans of hundreds and thousands of retirees, its always been about the bringing down the pensioners, the retirees, the working class, and our economy. Its never been about the money. Money has never been a problem. Our Government has been handing out HUNDREDS of Millions in foreign aid to Muslim countries, to the UN, but also telling us there is no money for welfare, for pension, for hospitals etc. Its about control, and the world bank. Its a way of keeping our working class and retirees in control, as they got to be too well of, and also peg our econimy and our banks back at the same time
    Rosret
    4th Aug 2017
    12:55pm
    Mike http://theconversation.com/factcheck-what-are-the-facts-on-australias-foreign-aid-spending-71146

    Between 2-3% of the budget is spent on foreign aid. If you want war on our door step and boat loads of refugees just pull the pin on helping those less fortunate. It pays us to help them on their own home ground and its the compassionate thing to do.

    Around 14% of our GNP is spent on welfare.

    There is something untoward in the CBA banking system and crime is crime. Hopefully it will be sorted soon and those responsible will be charged.
    Paicey58
    5th Aug 2017
    10:56am
    3.83 billion dollars to be spent on foreign aid for this financial year 2017 to 2018. Just think on that amount of tax payers money!!! and what it could do for our own community.
    Here another interesting fact. That amount was reduced by the current government by 1 billion dollars from the last financial year!!
    We can't cut it all because we have to keep the "wolves" away from our borders but we could be a lot more selective as to whom we help.
    Old Geezer
    4th Aug 2017
    12:57pm
    It is nothing but a media beat up. It is a Commonwealth Bank and Australian Police operation to catch a couple of criminals nothing more. AUSTRAC will have egg on their face over this.

    The media needs to get their facts straight before reporting such rubbish.
    Rae
    4th Aug 2017
    1:34pm
    Not this time OG.

    This isn't a few hundred thousand having their life savings lost.

    Or millions of customers being overcharged.

    Or even an insurance claim racket.

    This is serious, illegal activity that will cost shareholders a great deal of money before it's finished.

    The CEO should resign immediately in my opinion.
    Old Geezer
    4th Aug 2017
    1:38pm
    Market seems to believe otherwise Rae.

    Also how can it be illegal activities if it was allowed to continue at the request of the Federal Police?

    Just AUSTRAC beating their chest that's all.
    Alexander
    4th Aug 2017
    12:58pm
    As an ex Commonwealth employee, it is sad that to read this story, and to think that the once proud and great bank "People's Bank" has fallen victim to some individuals greed. When in 1991 the bank has changed it's image, due to a shareholders bank, and abandoned the 3 all embracing circles to a rectangle with a dagger incorporated, we the employees felt the same sadness, as the clients of the State Savings Bank of Victoria on it's demise, some time earlier.
    niemakawa
    4th Aug 2017
    1:16pm
    innocent until proven otherwise. I think that's how our justice system operates.!!
    Old Geezer
    4th Aug 2017
    1:41pm
    I agree and wish the media would too.

    4th Aug 2017
    2:03pm
    Australian and the AFP should focus on catching these money launderers
    Who are these people who are depositing the funds
    Trace the money and freeze their assets
    You should be thanking the CBA instead of taking cheap shots and distracting from their own inadequaxies
    Anonymous
    4th Aug 2017
    2:04pm
    Meant AUSTRAC not Australian
    Old Geezer
    4th Aug 2017
    2:19pm
    Federal Police have already caught two people behind it.
    niemakawa
    4th Aug 2017
    2:21pm
    OG you escaped then!!!
    Old Geezer
    4th Aug 2017
    2:23pm
    http://www.abc.net.au/news/2017-08-03/cba-money-laundering-law-breach-claim-how-men-got-away-with-it/8771652
    niemakawa
    4th Aug 2017
    2:58pm
    OG, Read the article. As it is from the ABC I do not place much credence in it. Unless an account is exempt all are screened for illegal or suspicious transactions, not just those $10,000 or more, this. monies deposited or or withdrawn. Although capital flows in and out of the country are not restricted I know when sending money overseas a reason for the transfer is required. Banks have sophisticated systems to detect any unusal transactions. Maybe this is a ploy to distract us from what the Government is really up to. Just my suspiscions. Could be wrong. More to this than meets the eye.
    Old Geezer
    4th Aug 2017
    3:26pm
    I regularly transfer money with balances a lot greater than $10,000 within Australia and overseas. I have never had to give a reason or I have I had a transaction queried. I use multiple banks and other financial institutions both here in Australia and overseas. It hard to believe every account I have is exempt especially the one I opened in person in New Zealand when their interest rates were twice ours.
    niemakawa
    4th Aug 2017
    4:00pm
    OG when I complete an IMF on line the bank request the reason for the transfer. Never had one rejected but I am sure they are monitored .
    Triss
    4th Aug 2017
    4:32pm
    Me too, niemakawa.
    Old Geezer
    4th Aug 2017
    4:55pm
    I never get asked and in the description I put "transfer".
    Jolly
    4th Aug 2017
    5:34pm
    Old Geezer I think because you have not been asked about your "transfers" there could be a few more banks in the mix and 1 Old Geezer.
    floss
    4th Aug 2017
    2:23pm
    Our dealing with the CBA .have not been good it like so many great Australian institutions once privatised they become corrupted and plundered. Our government just does not get it. I dare say our weak gutted PM will hold a face to face meeting with the banks CEO and no more will be said. Our PM. is part of that end of town what more can you expect.We now deal with a Credit Union and are more than happy.

    \
    Old Geezer
    7th Aug 2017
    1:43pm
    I use a credit union once and never again.
    floss
    4th Aug 2017
    2:28pm
    Raphael and OG please join the real world you are loosing your credibility.
    Old Geezer
    4th Aug 2017
    2:31pm
    Me thinks you must be in fairyland instead by making such a statement. You need to look outside the media hype and get a gist on what is really going on.
    Jtee
    4th Aug 2017
    3:23pm
    Had a claim against CBA regarding financial advice. When I received copies of the documentation it was noticed that my signature was forged on a few of the documents. The forgery was obvious. The legal representative I selected to do the review under the bank's open advice programme didn't think this was important.
    Old Geezer
    4th Aug 2017
    3:59pm
    It probably wasn't then.
    niemakawa
    4th Aug 2017
    4:01pm
    Check they haven't taken out a loan in your name
    Rae
    6th Aug 2017
    9:00am
    You should have gone directly to the police with it Jtee. Forging a signature on a legal documents is a serious breach of law.

    I now record all verbal dealings as well after having a bank manager lie to me on a hand shake in the old days when you believed they could be trusted.

    Belief can be a very dangerous thing indeed.

    4th Aug 2017
    3:26pm
    CBA down less than 2 %
    Normal fluctuation
    Shareholders unfazed

    Bloody AUSTRAC and AFP should get their house in order
    Old Geezer
    4th Aug 2017
    3:56pm
    Agree shareholders are not concerned.
    Old Man
    4th Aug 2017
    3:37pm
    I recall the CBA having employees who played games with investments which resulted in numerous people losing all of their savings. I seem to also recall that those responsible continued working for the CBA. Now we see another lack of control on the employees which, it is alleged, is aiding and abetting laundering of funds believed to be the proceeds of crime. The old Italian adage that "the fish rots from the head" seems to be applicable here and I would expect an inquiry must result in very senior people being removed from their positions at least, if not spending time in gaol.
    LiveItUp
    7th Aug 2017
    7:20am
    That the nature of managed funds where people play games with your money. Everything seems OK until the market chucks a wobblynand then people lose money and look to blame someone for thier loss. Nothing is transoarent so you have no real idea where your money is invested and you can't be told because by doing so the managed fund might lose it's so called competitive edge.

    Do I invest in managed funds? No way.
    Pushkin2
    4th Aug 2017
    4:02pm
    Wait for it, CBA is not the only bank that will be implicated. Unfortunately the rush to automate by banks and the fast pickup of automated systems by "customers" has resulted in diminished controls. Only a royal commission into the banking industry will reveal all.
    floss
    4th Aug 2017
    4:18pm
    Just remember the CEOs. are paid a millions of dollars to run these banks .They must be doing a poor job.
    Old Geezer
    4th Aug 2017
    4:19pm
    Why?

    4th Aug 2017
    4:20pm
    My accountant get a notice from the ATO every time I transfer anything more than $20k from overseas into my AUS bank account
    It's all monitored by ATO and austrac

    So why are they trying to pin this on CBA
    Austrac and ATO should be monitoring any large cash deposits and ALL overseas transfers

    Idiots
    Old Geezer
    4th Aug 2017
    5:09pm
    ...and the bank bashing continues. More tall poppies to be cut down no matter what I guess.
    DaveL
    4th Aug 2017
    5:32pm
    This is the final step in the chain. How does the information arrive to the ATO ? Do you use the CBA ?
    Jolly
    4th Aug 2017
    5:28pm
    I am sure some of you people live in another dimension.
    1. Australia's Financial Intelligence Unit
    AUSTRAC is Australia's primary source for financial intelligence used to fight serious and organised crime and terrorism financing.

    How it works
    Businesses provide us with a range of reports on:

    financial transactions
    suspicious matters.
    AUSTRAC's expert analysts use the data provided by business and other sources to join the dots and provide a complete financial intelligence picture.

    The resulting financial intelligence is provided to partner agencies including:

    law enforcement
    national security
    human services
    revenue agencies
    a number of international counterparts.
    2. The CBA is responsible.
    3. NAB was fined $45 million a couple of weeks back.

    All in all it is a bad look for banks.
    Old Geezer
    4th Aug 2017
    5:35pm
    Why?
    LiveItUp
    6th Aug 2017
    10:49am
    I thought it was Tabcorp not NAB that was fined $45 million.

    The media is basing all their stories on the Tabcorp case which was very different. Casinos are wonderful for laundrying money especially black market money.
    niemakawa
    4th Aug 2017
    6:02pm
    Back to cheques books and drafts folks!!
    niemakawa
    5th Aug 2017
    1:14am
    A trillion dollars would help the deficit no means. The Government would have to quarantine all customer accounts and transfer the proceeds to the Government coffers. The man in the street always ends up paying. Question is would the Goernment stoop that low?? I suspect it would if given the opportunity.
    LiveItUp
    5th Aug 2017
    7:40am
    A good reason why not to have term deposits as they only as safe as the bank itself.
    Old Geezer
    5th Aug 2017
    11:06am
    Just been reading the media talking about possible fines to the CBA being 7 times the value of the bank. So at best they will get a seventh of money but aint our banks too big to fail.

    You can't honestly tell me that our government would allow the CBA to fail as the outfall would be an enormous risk on our economy with possibly millions out of work like there was in the great depression of 1929.

    All that will happen will be that our banking will be tightened up and it will become more difficult to deposit and withdraw large sums of money.
    Crikey
    5th Aug 2017
    5:36pm
    ......... and "which Bank" is charging us $2.50 for issuing an obligatory half yearly paper Bank Statement of Account? Need we say more ...........
    Old Geezer
    5th Aug 2017
    7:13pm
    They should too as it costs them about 10 times that the produce it and post it. I get all mine online for free.
    Anonymous
    6th Aug 2017
    5:04am
    $22.50 to print a statement from a computer and mail it? Gosh, they must be hopelessly inefficient. They should hire me to clean up their overspending. Or contract one of those bulk mailing organizations who send advertising mail out via Aust Post.

    Glad you're not my accountant, OG, if you think $22.50 is reasonable to mail a computer-generated statement! It's not like they have to prepare it. The records have to be kept regardless.
    Rae
    6th Aug 2017
    9:15am
    It's $2.50 and my goodness they would need to employ someone to give the letters to the post office delivery guy and we can't have any employing Australians to do anything. Not on a $9 billion profit. Horror, shock, employ our own people. Not going to happen if they can help it.

    Why Australian business hate Australians is unknowable. They'd rather spend our money on foreign workers.
    LiveItUp
    6th Aug 2017
    10:46am
    Of cause it costs more tnan $22.50 to send out a statement and I certainly wouldn't do it for that.
    maxchugg
    6th Aug 2017
    2:00pm
    Media reports indicate that the scandal includes funding for terrorism. It would be interesting to know which terrorist organisations have benefited and also the source of those funds. It would be good to be confident that one of the sources is not Halal.
    LiveItUp
    6th Aug 2017
    5:35pm
    How woukd you know that any transaction is not funding for terrorism? Someone could just take cash out of the country and give it to terrorists.
    Radish
    7th Aug 2017
    9:37am
    I understand (from what litle I have read) that many if not most of the transactions were just under the allowable limit of $10,000. But I dont trust the media as a reliable source of information any more so it is best to wait until an enquiry is undertaken to find out exactly what transpired.
    Old Geezer
    7th Aug 2017
    11:27am
    CBA has put out a statement about a bug in the reporting software that caused the reporting to be late. If it's AUSTRAC software then they have some explaining to do.
    Radish
    7th Aug 2017
    9:35am
    "Will this break the bank?" No it will not.
    Old Geezer
    7th Aug 2017
    11:25am
    Investors have the CBA up over 1% today so are not concerned about it.
    professori_au
    7th Aug 2017
    1:00pm
    My question regarding whether the government plans to gut investigations into banking. ACCC has been doing some good work into the Banking and Insurance business and it is costing the banking industry and their mates a considerable amount of money. Is it the intention of the government to water this down so it won't damage donations as any perks that may come their way? We all know the governments are on the nose in respect of public respect. So, again I reiterate. Is the government planning to water down the ACCC. I have not heard a great deal about the compensation being paid to the "little people" How are they being compensated and how long will they need to wait. It is not stopping even while these investigations are going on. A case I an fully aware of involved a major bank and its insurance arm. The person affected had damage done to the home and put in a complaint to have it fixed. The sent out unqualified assessors who could not find the source of the damage, so the bank insurance offered 5 or 6 thousand dollars as a cash payout. That would not repair the damage done by their assessors while looking for the source. They admitted it needed specialist and specialised equipment, yet refused to ok them. The result speculatively, might now run into 40 or 50 thousand dollars instead of e,g, approximately $10,000. Oh and yes they said the insurance people were closing the "book" and there would be no further discussion. The owners pay something like $1,200 per month in insurances with this company and have been doing so for around 8 years. If we take that figure they have paid 1200 x12x 8 = 115,200. For their treatment they would have been better off investing the money. I make this point, the misbehaviour continues despite the investigations. Seems to me the deterrent penalties are not enough; add goal term and also include the employees of the corporation involved in the shonky behaviour
    Old Geezer
    7th Aug 2017
    1:40pm
    Some of the stories one hears from people about banks are just not believable at all. It seems that anyone that loses money for any reason is just looking for someone to blame and who better than a bank. I know of many people who took big risks to make big money and when it didn't happen they tried to blame their bank. I had people brag about their great investments and then disappear under a rock when they turned sour. They would look at me like I was completely mad when I said that I wouldn't invest in what they had invested in as it was just too risky for me. If only people would remember big returns usually means big risks and act appropriately. Sure one can invest for big returns but only risk what you can afford to lose.
    Finni
    9th Aug 2017
    10:49am
    Hi team I am a share holder in C.B.A, like most Australians personal and super, last year the board got a strike against them another strike this year, I believe that there should be a spill with the board
    So 2 strikes at a shareholders meeting and you are out, the rest of us have to work with model rules on committees, think I will be going to the share holders meeting and try on get a motion that the cba shares holders request a royal commission into the banks
    professori_au
    14th Jan 2019
    4:32pm
    There will be some who gambled on investments they should not but potential high gains tempted them. This an area where banking consultants have deliberately misled gullible people into investing. This unconscionable conduct is what the Royal Commission is about. Additional there has been careful montoring or supervision. I know as I was a victimm to an unauthorised person opening an account in the name of my company and booking large debts. When I asked for an investigation and action I was roughly brushed off by the bank with a bank lawyer asking what did I want? An apology, an investigation and compensation. I said all of that and that was the last I heard from the bank. It is now apprroximately 18 years, so I am not holding my breath. So do not just highlight one aspect. You need to investigate all aspects of the industry behaviour.


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