Business
Banking & finance
Updated
AUSTRAC crackdown
ING slapped with anti-money laundering undertaking after investigation
ING has vowed to fix its anti-money laundering and counter-terrorism financing systems after an investigation by Australia’s financial crimes regulator Austrac.
- by Clancy Yeates
Latest
Watchdog takes legal action against Aussie crypto platform Block Earner
In legal documents filed on Tuesday, the regulator alleged that several products offered Block Earner required a licence to operate.
- by Simone Fox Koob
‘I want my money back’: Emails from desperate Australian FTX customers detailed in court documents
Almost 30,000 customers of FTX’s Australian entities have lost “significant property” in the collapse of the crypto exchange, with court documents detailing customers’ pleas to administrators to help them get their money back.
- by Simone Fox Koob
Investors doubt CBA’s crypto push as FTX collapse sparks turmoil
Investors and analysts are divided over Commonwealth Bank’s previously announced plan to allow customers to trade bitcoin and other cryptocurrencies on its app.
- by Clancy Yeates
Opinion
Investment banking
Hearts racing: Rich listers rendezvous for speed-dating style stock picking
In the space of three minutes, 10 high-profile investors threw more than $2 million into the hat at the annual Sohn Hearts & Minds conference in Hobart.
- by Elizabeth Knight
‘We need to take this extremely seriously’: Class action reopens ugly wounds of CBA scandal
A blow-by-blow account of one of the country’s biggest corporate scandals has been played in court, providing a picture of the inner workings of one of Australia’s largest financial institutions.
- by Simone Fox Koob
Updated
Mergers & acquisitions
Perpetual takeover hopes fade as court ruling firms up Pendal deal
A NSW Supreme Court ruling has made it harder for potential bidders to make a play for Perpetual.
- by Clancy Yeates
Former CBA boss denies receiving early warning on AUSTRAC action
Ian Narev has denied a board member had warned him the bank was likely to face proceedings over breaches of anti-money laundering laws, two years before the financial intelligence agency took action.
- by Simone Fox Koob
Updated
Earnings season
CBA’s Comyn says economy can handle rate rises
The CEO of the nation’s largest bank says the economy can withstand the hit from rising interest rates over the next six to twelve months.
- by Clancy Yeates
‘Is that seriously your answer?’: Former CBA boss Narev in class action hot seat
Ian Narev, the bank’s chief executive from 2011 to 2018, has been grilled as part of a class action brought on behalf of investors who suffered losses when AUSTRAC announced it would take legal action against CBA in 2017.
- by Simone Fox Koob
Analysis
Earnings season
Banks yet to feel economic pain as higher rates lift profits
The big four banks raked in $28.5 billion in profits this year, and experts predict rate rises will boost their bottom lines further.
- by Clancy Yeates