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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Wednesday, 03 June 2020

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Commonwealth Bank faces court over compliance breaches

By Killian Plastow · August 05 2017

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Commonwealth Bank faces court over compliance breaches

By Killian Plastow
August 05 2017

Reading:

AUSTRAC, Peter Clark, AML, CTF, money laundering, counter-terrorism, Commonwealth Bank, Commbank, CBA

Commonwealth Bank faces court over compliance breaches

By Killian Plastow · August 05 2017

Reading:

The Commonwealth Bank is staring down the barrel of a Federal Court case after a financial intelligence agency found the bank had violated anti-money laundering and counter-terrorism financing regulations.

AUSTRAC, the government body in charge of the country’s financial intelligence, alleged that the Commonwealth Bank had breached the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006 more than 53,700 times.

The agency argues that the bank didn’t assess or comply with its own internal anti-money laundering and counter-terrorism financing program, failed to report suspicious matters, and didn’t monitor customers after becoming aware of suspected laundering efforts, among other things.

Peter Clark, the acting chief executive of AUSTRAC, said these alleged failures left the bank susceptible to being used for “criminal purposes”.

“AUSTRAC's goal is to have a financial sector that is vigilant and capable of responding, including through innovation, to threats of criminal exploitation,” he said.

“We believe this can be achieved by working collaboratively with and supporting industry. We will continue to work in this way with our industry partners who also share this aim and demonstrate a strong commitment to it.”

The Commonwealth Bank has issued a statement noting it is “currently reviewing AUSTRAC’s claim and will file a statement of defence” and will provide updates in line with its disclosure obligations.