Current Commonwealth bank enquiry

[Dan Baker]

Suburban Commonwealth Bank staff raised the alarm about the organisation’s “crazy” lack of security measures that allowed tens of millions of dollars in anonymous cash deposits to fund criminal activity, including possibly terrorism.

http://www.theaustralian.com.au/bus...y/news-story/76657b655675f1cb77897fcee4a08b70

 

[_Mike_]

There's more to this - its not realistic to believe the bank would be fined to the fullest extent based on the damage it would cause where innocent customers could lose money (not sure of how the RBA insures a bank under these circumstances)

It if is an inside job - A limitation on vicarious liability by the Bank could be used as an argument in defending its position.

 

[MaddAdam]

There's going to be a lot more on this come out I reckon.

 

[Flash of power]

This is by no means an excuse, but its probably a matter of a big business being too big, staff at low and middle management probably fully aware, but is there any proof that this was reported up to executive / CEO/ board?? Probably middle management fobbing it off and those in charge not ever really aware.

A CEO of an organisation like that really only has access to the top two or three levels of management on a daily basis, but a good CEO will get in amongst the plebs if they want to know what is really going on in their organisation.

 

[_Mike_]

A CEO of an organisation like that really only has access to the top two or three levels of management on a daily basis, but a good CEO will get in amongst the plebs if they want to know what is really going on in their organisation.

The CFO is responsible for the accounting of the bank. Usually transactions over thresholds are reported. So someone or some group internally has cooked the books so to speak.

The bank isn't going to get away pinning this on a single scapegoat

 

[Flash of power]

The CFO is responsible for the accounting of the bank. Usually transactions over thresholds are reported. So someone or some group internally has cooked the books so to speak.

The bank isn't going to get away pinning this on a single scapegoat

Is it or is it a compliance management role? Or should it have been at IT managers role to ensure that systems were in place to pick up on this stuff.

My point is that the CEO could reasonably not have had any idea. A head will roll but it won't be his I don't think.

 

[Taylor]

Fingers crossed that it is insured by a company in a country we don't like at the moment, fined half a trillion dollars and pays off the national debt.

 

[Flash of power]

Fingers crossed that it is insured by a company in a country we don't like at the moment, fined half a trillion dollars and pays off the national debt.

never gonna happen

 

[Dan Baker]

You would think proper accounting would be part of audits. How could accountants skim over this?

Is there an accounting firm going to get their fiscal numbers kicked in?

So I missed the bit about deposits of cash over $10000 or all deposits were under the reportable $10000 cash?

 

[Dan Baker]

Rudd locked in taxpayer insured accounts to $100000 ????

 

[Orange Agent]

You would think proper accounting would be part of audits. How could accountants skim over this?

Is there an accounting firm going to get their fiscal numbers kicked in?

So I missed the bit about deposits of cash over $10000 or all deposits were under the reportable $10000 cash?

Accountants ive known are the dodgiest people ive ever come across.

 

[Dan Baker]

The independant auditors might go to jail.

Accountants ive known are the dodgiest people ive ever come across.