CBA directions hearing listed
The Commonwealth Bank (CBA) has until 15 December 2017 to file its defence to the civil penalty proceedings initiated by AUSTRAC.
A directions hearing in the Federal Court was listed on Monday, and AUSTRAC has until 16 March 2018 to file a response, according to the bank’s announcement on the Australian Securities Exchange (ASX).
The announcement said the matter had been listed for a further directions hearing on 2 April 2018.
“CBA’s response to AUSTRAC’s civil proceedings, as well as the ongoing program of action to strengthen the group’s anti-laundering frameworks, will continue to be overseen by a Committee of the Board of the Bank,” CBA said.
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
