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
As the first quarter of 2024 comes to a close, Money Management looks back on the corporate regulator’s bans and AFSL cancellations in the financial advice sector.
Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.
Liberal senator Slade Brockman has said the government needs to have a “cold hard look” at the level of regulation in the financial advice space and the costs of running a business.
FAAA chief executive, Sarah Abood, has warned changes in the first tranche of the QAR legislation around advice fees documentation could create more work for advisers rather than less.