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TOPIC: Jennie Paluka says "report McGarvie to IBAC"

Jennie Paluka says "report McGarvie to IBAC" 1 year 1 month ago #3916

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The Commonwealth Bank fined for what should be regarded as criminal acts
By Jim Hayes

After facing accusations form the Federal Government’s financial intelligence agency AUSTRAC, involving serious breaches of anti-money laundering and counter-terrorism financing laws, the Commonwealth Bank has agreed to pay a $700 million fine. It will also pay AUSTRAC’s $2.5 million legal costs.

The bank has also admitted to the late filing of 53,506 reports of transactions above $10,000 through its “intelligent deposit machines” (IDMs), 149 suspicious matter reports were filed late, or not filed at all, failure to perform proper checks on 80 suspicious customers and transactions, and 14 occasions where the bank failed to adequately assess risks related to its IDMs.

A fine is justified, but it is not nearly enough, given the scale of the misdeeds. The Commonwealth has been caught out deliberately engaged in organised criminal activity. Doing it on this scale is no accident. Criminal charges are appropriate and none have been laid.

If it had of been anyone else, they would be personally brought before the court and face the prospect of jail time. The Commonwealth Bank and those making the decisions got punishment light.

A deal has been cut instead of imposing criminal charges. The reason is that the government’s persistence on continuing to allow the industry to self-regulate, rather than the alternative of compulsion.

This is especially important, given the revelations from the Royal Commission and other places, which show the banks have been behaving as a cartel for dishonest behaviour, and ripping off the customer at every opportunity.

One would think that in these circumstances, a strong message would be called for

The deal struck with the Commonwealth Bank hardly suggests that wrongdoers will be punished on a scale that matches the extent of their wrongdoing.

That it is precisely the banks’ inability to regulate themselves according to community standards that has been a big part of the problem, is conveniently forgotten.

Consequently, rather than prosecution, there have been negotiations, to see how to get over a public scandal, while masking it look like something has been done. No wonder the Commonwealth Bank is happy to go down this road.

Taking the self-regulation option, allows the banks to escape serious consequences, by calling deliberate breaches a mistake that warrants a lesser punishment.

The message that this sends out is that the banks can continue what they are doing, and if they do it so clumsily that they get caught out in the end, the punishment will still not be enough to force them to change their ways.

Only when enough external regulation is imposed on the banks, will there be a chance for misbehaviour to be checked. The Australian government does not want to do this, and opts to continue, as far as it can, to protect the banks and those running them.


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Fincen and corrupt senior political figures 1 year 1 month ago #3917

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Al Quada and oranised crime and child traffickers were caught said Austrac. Tina Stagliano knows about OFAC in Treasury before the Organised Crime Task Force and the International Corruption unit of the FBI swooped on the criminals side. www.fincen.gov/sites/default/files/advis...sory_FINAL%20508.pdf
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Jennie Paluka says "report McGarvie to IBAC" 1 year 1 month ago #3918

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Howard Bowles spied on those who wanted a Royal Commission into rackets. Spencer Murray, Sidney Mytton Watson.


ANZ Banking Group has admitted several instances of misconduct and "conduct falling below community standards" with its agricultural customers, the banking royal commission has heard.

In her opening remarks for the fourth round of royal commission hearings, senior counsel assisting Rowena Orr QC said ANZ acknowledged in a "small number of cases" its conduct to former customers of Landmark, whose loan book it bought in 2010, may have breached the Code of Banking Practice to act fairly and reasonably towards its customers.
Customers felt unfairly treated by ANZ: inquiry

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Customers felt unfairly treated by ANZ: inquiry
Playing in 5 ...

Senior Counsel Assisting Ms Rowena Orr at the banking royal commission says a significant number of former Landmark customers felt "unfairly treated" by ANZ.

"ANZ acknowledged that it should have been more responsive and empathetic to some former Landmark customers, particularly given their difficult financial circumstances and it acknowledged that its failure to do so caused distress in some cases," she said.

Ms Orr said Bendigo Bank had identified an example at Rural Bank where a customer complained her signature had been forged by her husband and improperly witnessed by an employee of the bank. Rural Bank told the customer to report the matter to police but the bank did not investigate the matter itself.

Rural Bank also erroneously charged fees on season overdraft and agri manager products, affecting 2164 customers, with an impact of $163,461, with all customers remediated, Ms Orr said.

NAB admitted failing to pay interest on customer accounts, and 85 events of misconduct concerning agricultural clients since 2013, she added.

Rabobank identified issues with conduct of three employees: one of whom had amended documents after they had been executed by a customer on more than one occasion; one of whom failed to disclose a conflict of interest with a customer; and one of whom had entered into personal commercial arrangements with customers that were not disclosed to the bank.

The Commonwealth Bank also admitted instances of agriculture finance-related misconduct, including failing to apply fee waivers and ongoing package benefits to eligible customers who had bought an agri advantage plus package.

CBA had reported the incident to ASIC, which completed a mediation program in 2015, which led to about 8400 customers being reimbursed about $7.6 million.

Less than 4 per cent - or 268 submissions - of the 6892 submissions received by the commission related to agricultural finance. Of those, 32 related to the ANZ aquisition of Landmark in 2010.

Ms Orr said submissions argued banks initiated a non-monetary default through a revaluation of property or security assets, which altered loan to value ratios.
Ms Orr said the Queensland cattle industry, in particular, had confronted many difficult circumstances that placed many farmers under financial pressure and led to disputes with banks.

Ms Orr said the Queensland cattle industry, in particular, had confronted many difficult circumstances that placed many farmers under financial pressure and led to disputes with banks.
Photo: Tamara Voninski

It was alleged banks then relied on deteriorated loan-to-value ratios to trigger non-monetary defaults, with customers being given "unreasonably short time frames" to repay substantial amounts of their loans. Allegations were also made about failures to take into account the impact of seasonal productivity and drought, and changes to interest rates.

Over the next fortnight, there will be five case studies on agricultural business lending, four on natural disaster insurance and four regarding Indigenous people in regional and remote communities.

Ms Orr said the Queensland cattle industry, in particular, had confronted many difficult circumstances, including pests and adverse climate conditions, that placed many farmers under financial pressure and led to disputes with banks.

Farmers hurt by the 2011 ban on the live export of cattle to Indonesia will also give evidence at the commission.

"Because export trade is regulated by at least two governments of Australia and of the receiving nation, farmers are subject to regulatory risk arising from changes to the rules governing export and import generally, or to the rules governing the export or import of a particular product," Ms Orr said.

Natural disaster insurance and Tropical Cyclone Debbie, which slammed into north Queensland in March 2017, will be probed over the fortnight.

As of June 30 last year, total rural debt was $71.7 billion. The share of rural debt held by banks has increased over the past decade, from 89 per cent in 2007 to 96 per cent as at June 30 last year.

As at June 2016, more than two-thirds of aggregate broad acre debt was held by 12 per cent of farms, with these farms producing about half of the value of broad acre farm production. Broad acre farm debt averaged $616,900 per farm.
Commissioner Kenneth Hayne moved to dispel several "misconceptions", including arguments for more time to be devoted to the investigation of Commonwealth Bank's takeover of Bankwest.

Commissioner Kenneth Hayne moved to dispel several "misconceptions", including arguments for more time to be devoted to the investigation of Commonwealth Bank's takeover of Bankwest.
Photo: Supplied

At the start of Monday's hearings in Brisbane, commissioner Kenneth Hayne moved to dispel several "misconceptions", including arguments for more time to be devoted to the investigation of Commonwealth Bank's takeover of Bankwest.

Commissioner Hayne said several people had written to the commission asking for more time for the Bankwest issue, or that more case studies should have been used, but he said the work of the commission had been intensive on the issue.

"Some of these further communications have also proceeded from the premise that it is the commission's role to advance of the interests of those who describe themselves as Bankwest's victims," he said. "That, of course, misunderstands the role and the duty of a royal commissioner, which is to inquire, without fear or favour, into matters falling within the terms of reference.

"Neither I, nor counsel assisting, or the solicitors assisting the commission, carry any brief for those who assert a grievance arising from the takeover of Bankwest, or indeed, any other issue."

Commissioner Hayne said some people who wanted their cases "publicly examined and publicly acknowledged" had asked to be witnesses, but he believed case studies were the best way of finding out what happened.

He said there was also some criticism consumers were not able to cross-examine the banks, but that was not correct as they were allowed the opportunity.

The hearing continues.
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Steinberg' evidence 1 year 1 month ago #3919

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ANZ stood to make $6 million if it repriced rural loans
By Felicity Caldwell
25 June 2018 — 5:40pm

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ANZ Banking Group stood to make $6 million per year by repricing loans of farming customers following its takeover of Landmark, the banking royal commission has heard.

ANZ would receive a $6 million "annual revenue opportunity" if it repriced many of its Landmark loans due to a 0.63 per cent margin between the two companies' variable rates, an internal document tendered in the hearing said.
ANZ Bank's Benjamin Steinberg at the royal commission on Monday.

ANZ Bank's Benjamin Steinberg at the royal commission on Monday.
Photo: Supplied

But ANZ head of lending services Benjamin Steinberg said he did not know if that actually occurred.

"I have seen through some of the case studies that I have worked on that there were price increases ... But I don't know how that was dealt with across the portfolio," he said.

Facing a grilling in Brisbane on Monday, Mr Steinberg admitted ANZ "should have done a better job" in communicating changes that would occur as a result of the acquisition of Landmark.

"Had they been advised earlier, they may have made a decision to refinance their facilities from Landmark before the acquisition occurred," Mr Steinberg said.

Earlier, it was revealed ANZ Banking Group admitted several instances of misconduct, in relation to agricultural finance customers.

ANZ acknowledged in a "small number of cases" its conduct to former Landmark customers, whose loan book it bought in 2010, may have breached the Code of Banking Practice to act fairly and reasonably towards its customers.

Out of the 268 submissions related to agricultural finance received by the royal commission, 32 related to the ANZ acquisition of Landmark in 2010.

At that time, ANZ acquired 7124 loans worth $2.298 billion.

As a result of Landmark accounts being migrated onto ANZ's technology platform, some customers had interest rates incorrectly charged, limits were incorrectly loaded and some had difficulties opening their accounts.

Mr Steinberg said the issues were as a result of errors by bank staff, but he did not believe they were systemic.

A 2009 due diligence report by McGrathNichol showed $273 million - or 12 per cent - of Landmark loans presented a risk.

But Mr Steinberg said 45 per cent of the loans having a D, E or F credit rating in November 2008 and August 2009 was not necessarily concerning.

"I prefer it to be lower but it's just telling us that the security is not as strong as we would like it to be," he said.

Senior counsel assisting Rowena Orr QC said within six months of the deal, about 10 per cent of Landmark's staff had been lost, and there was a concern it would lose 20 per cent within 12 months, which led to a loss of "corporate memory".

The McGrathNicol report recommended more credit management staff, but Mr Steinberg said he believed ANZ had appropriate resources.

In 2015, Mr Steinberg was part of a task force that reviewed "high risk" Landmark files.

The royal commission was told other banks had also admitted issues.

Those included a customer at Rural Bank complaining her signature had been forged by her husband and improperly witnessed by an employee of the bank. Rural Bank told the customer to report the matter to police but the bank did not investigate the matter itself.
Warren Day (right) of ASIC is seen leaving the Brisbane Magistrate court after giving evidence at Round 4 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in Brisbane on Monday.

Warren Day (right) of ASIC is seen leaving the Brisbane Magistrate court after giving evidence at Round 4 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in Brisbane on Monday.
Photo: Glenn Hunt

Rural Bank also erroneously charged fees on season overdraft and agri manager products, affecting 2164 customers, with an impact of $163,461, with all customers remediated.

NAB admitted failing to pay interest on customer accounts, and 85 events of misconduct concerning agricultural clients since 2013.

The Commonwealth Bank also admitted instances of agriculture finance-related misconduct, including failing to apply fee waivers and ongoing package benefits to eligible customers who had bought an agri advantage plus package.

CBA had reported the incident to ASIC, which completed a mediation program in 2015, which led to about 8400 customers being reimbursed about $7.6 million

Appearing as a witness earlier in the day, ASIC regional commissioner for Victoria Warren Day said there was "certainly" an argument for ASIC to have a greater role in the regulation of farming finance.

Chris Wheatcroft, from Rural Financial Counselling Service Western Australia, said there was a notion farmers put their "head in the sand" but he did not accept that.

"I think it is true that farmers often look to tough it out," he said.

"They know someone else who actually has been funded ... That sense of injustice about what's happening makes - it doesn't make them cry, it makes them want to tough it out ... in their minds more resilient and more likely to try to battle the bank."

Mr Wheatcroft said appointing a receiver never benefited a client and asked if the commission could look at why receivers were appointed.

"In terms of values, farmers will see that hard-earned money, farm, asset, disappear under a receiver like you've never seen," he told the commission, to applause from farmers in the room.

The issue of administrators and receivers is not being considered by the royal commission.

The royal commission is this week sitting in Brisbane during round four of hearings, with five examples of agricultural business lending expected to be aired.

Natural disaster insurance and Indigenous people in rural and remote communities to also be under the spotlight, with hearings to move to Darwin next week.
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Howard Bowles protected McTaggart? 1 year 1 month ago #3920

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Trevor McTaggart's "law scam" is on pages 107 and 108.
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Ass Prof Dr Doherty's report assessed by SEC 1 year 1 month ago #3921

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Fincen want corrupt foreign officials extradited, and Austrac found human trafficking, international money laundering, and Al Quada.
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