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
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
