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TOPIC: Jennie Paluka says "report McGarvie to IBAC"

Jennie's boss from APRA in the sites 4 months 2 weeks ago #4129

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If you are a paid up member of BFCSA are three snippets of what you receive as a newsletter. You cannot afford to miss out:

Our Next Battle will be compensation cases and class actions. This can only happen when Labor holds #ALPBankRCmk2 Documents lawyers need are to be discovered in the dungeons of ASIC and APRA. Neoliberalism follower John Howard – turned consumer protection into a watered down older version of BUYER BEWARE and why Major Banks were given the GREEN LIGHT for Low Docs which are sold at the rate of 80% of their Loan Books since 1999. APRA wrote a tell-all 9 page document in 2003 explaining the plan, put together by Howard, Costello and Turnbull (Mr Goldman Sachs) between 1999 – 2000 and explained in a full 365 page report in 2003. My researcher Gladys and I have been searching for all associated records of what took place during the Howard years.

“APRA concerns re Low Docs, that since the borrower does not provide income details and lenders do not verify incomes, these loans DO NOT COMPLY with the AGN.” Banks are relying on Broker Valuations. Ie breaches everywhere against prudential standards: APS 231 – outsourcing. “APRA considers that the bank itself MUST BE RESPONSIBLE for deciding the criteria to be used in making the decision to lend.”

THE MORAL HAZARD: Buyer Beware or Consumer Protection. DO WE THE PEOPLE allow banks to continue on “as normal thieves in suits” and permit asset stripping run by criminal Cartels OR do we clean up the banking industry and break up the Banking Cartel in Australia?? BAD BANKING will be a massive election issue as Labor recognised and acted immediately in April 2016. The male dominated Liberals realised that public exposure of bankers’ criminal activities would mean the bank engineered property bubble will burst if the Government ordered banks to stop selling LOW DOCS and stop asset-stripping from ARIPs. Bank Robbers are no longer those who hold up a bank for a bag of cash: they are the CEO’s of the Major Banks and their political cronies.

So what went wrong at APRA???
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Terror Finance, Bank Backroom Evidence 4 months 1 week ago #4135

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CBA’s confession is just one of dozens released on Wednesday in a document dump that includes 96 companies, among them the big four banks, insurers such as QBE and Swiss Re, wealth management firms such as AMP and IOOF, superannuation funds including the Telstra staff fund, UniSuper, credit unions, professional associations, stockbrokers such as Bell Potter, and even security and cash handling company Chubb.
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The admissions were mostly delivered by a January 29 deadline and helped guide six rounds of hearings that have sent shockwaves through the financial services industry, regulators and the wider community.

financialservices.royalcommission.gov.au...initial-request.aspx
Andrew White
Associate Editor
2:03PM November 7, 2018
4 Comments

Commonwealth Bank of Australia identified 17 major instances of misconduct and breaches of community standards among admissions from across the financial services industry when it was demanded by the royal commission ahead of this year’s hearings.

The bank detailed its wrong doings and shortcomings from Storm Financial through to financial advice, foreign exchange trading and anti-money laundering terrorism financing in a 70-page document released by the commission Wednesday ahead of this months final round of hearings.

CBA’s confession is just one of dozens released on Wednesday in a document dump that includes 96 companies, among them the big four banks, insurers such as QBE and Swiss Re, wealth management firms such as AMP and IOOF, superannuation funds including the Telstra staff fund, UniSuper, credit unions, professional associations, stockbrokers such as Bell Potter, and even security and cash handling company Chubb.
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The admissions were mostly delivered by a January 29 deadline and helped guide six rounds of hearings that have sent shockwaves through the financial services industry, regulators and the wider community.
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Howard Bowles' PAC Cases with Clinton 3 months 3 weeks ago #4156

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While the FBI was nabbing the I.T Division's Waldrons of the CBA and the Clinton's ex I.T Expert, Howard Bowles' customers reported the "extraordinary cover up by the VLSB" and his threats to prosecute Elliot Sgargetta who was on the FBI's side. Howard's interest in politicians is well known, as in the claims by Julia Gillard's political opponent James Johnson Independent Candidate for Gillard's Seat of Lalor. Shirley Joseph's intentions were reported to US law enforcement as intentions to violate 18 USC 793(d) and g) and 371. What do you think?


Bret Baier: FBI Sources Believe Clinton Foundation Case Moving Towards "Likely an Indictment"
Posted By Tim Hains
On Date November 2, 2016

Fox News Channel's Bret Baier reports the latest news about the Clinton Foundation investigation from two sources inside the FBI. He reveals five important new pieces of information in these two short clips:

Related Video: Monica Crowley: The Classified Emails Are "Shiny Object" To Distract From Clinton Foundation Corruption

1. The Clinton Foundation investigation is far more expansive than anybody has reported so far and has been going on for more than a year.

2. The laptops of Clinton aides Cherryl Mills and Heather Samuelson have not been destroyed, and agents are currently combing through them. The investigation has interviewed several people twice, and plans to interview some for a third time.

3. Agents have found emails believed to have originated on Hillary Clinton's secret server on Anthony Weiner's laptop. They say the emails are not duplicates and could potentially be classified in nature.

4. Sources within the FBI have told Baier that an indictment is "likely" in the case of pay-for-play at the Clinton Foundation, "barring some obstruction in some way" from the Justice Department.

5. FBI sources say with 99% accuracy that Hillary Clinton's server has been hacked by at least five foreign intelligence agencies, and that information have been taken from it.

Transcript:

BRET BAIER: Breaking news tonight -- two separate sources with intimate knowledge of the FBI investigations into the Clinton emails and the Clinton Foundation tell Fox the following:

The investigation looking into possible pay-for-play interaction between Secretary of State Hillary Clinton and the Foundation has been going on for more than a year. Led by the white collar crime division, public corruption branch of the criminal investigative division of the FBI.

The Clinton Foundation investigation is a, quote, "very high priority." Agents have interviewed and reinterviewed multiple people about the Foundation case, and even before the WikiLeaks dumps, agents say they have collected a great deal of evidence. Pressed on that, one sources said, quote, "a lot of it," and "there is an avalanche of new information coming every day."

Some of it from WikiLeaks, some of it from new emails. The agents are actively and aggressively pursuing this case. They will be going back to interview the same people again, some for the third time.

As a result of the limited immunity deals to top aides, including Cheryl Mills and Heather Samuelson, the Justice Department had tentatively agreed that the FBI would destroy those laptops after a narrow review. We are told definitively that has not happened. Those devices are currently in the FBI field office here in Washington, D.C. and are being exploited.

The source points out that any immunity deal is null and void if any subject lied at any point in the investigation.

Meantime, the classified e-mail investigation is being run by the National Security division of the FBI. They are currently combing through former Democratic Congressman Anthony Wiener's laptop and have found e-mails that they believe came from Hillary Clinton's server that appear to be new, as in not duplicates.

Whether they contain classified material or not is not yet known. It will likely be known soon. All of this just as we move inside one week until election day.





Baier gives more details to Fox News Channel's Brit Hume.

Transcript:

BRET BAIER: Here's the deal: We talked to two separate sources with intimate knowledge of the FBI investigations. One: The Clinton Foundation investigation is far more expansive than anybody has reported so far... Several offices separately have been doing their own investigations.

Two: The immunity deal that Cheryl Mills and Heather Samuelson, two top aides to Hillary Clinton, got from the Justice Department in which it was beleived that the laptops they had, after a narrow review for classified materials, were going to be destroyed. We have been told that those have not been destroyed -- they are at the FBI field office here on Washington and are being exploited. .

Three: The Clinton Foundation investigation is so expansive, they have interviewed and re-interviewed many people. They described the evidence they have as 'a lot of it' and said there is an 'avalanche coming in every day.' WikiLeaks and the new emails.

They are "actively and aggressively pursuing this case." Remember the Foundation case is about accusations of pay-for-play... They are taking the new information and some of them are going back to interview people for the third time. As opposed to what has been written about the Clinton Foundation investigation, it is expansive.

The classified e-mail investigation is being run by the National Security division of the FBI. They are currently combing through Anthony Weiner's laptop. They are having some success -- finding what they believe to be new emaisls, not duplicates, that have been transported through Hillary Clinton's server.

Finally, we learned there is a confidence from these sources that her server had been hacked. And that it was a 99% accuracy that it had been hacked by at least five foreign intelligence agencies, and that things had been taken from that...

There has been some angst about Attorney General Loretta Lynch -- what she has done or not done. She obviously did not impanel, or go to a grand jury at the beginning. They also have a problem, these sources do, with what President Obama said today and back in October of 2015...

I pressed again and again on this very issue... The investigations will continue, there is a lot of evidence. And barring some obstruction in some way, they believe they will continue to likely an indictment.
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CBA admits to terror finance breaches 3 months 3 weeks ago #4158

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CBA failures allowed money laundering
Commonwealth Bank CEO Matt Comyn
CBA boss admits the bank's failures hampered anti-money laundering and counter-terrorism operations. (AAP)

The banking royal commission has grilled the CBA CEO about its anti-money laundering and counter-terrorism failures.
Updated Updated 5 mins ago
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The Commonwealth Bank admits its failures meant police could not disrupt money laundering by drug and firearm syndicates.

CBA paid a $700 million civil penalty, the largest in Australian corporate history, to settle the anti-money laundering and counter-terrorism financing (AML/CTF) case brought by AUSTRAC.

CBA CEO Matt Comyn agreed the contraventions were extremely serious.

"Certainly our failures contributed to the inability to provide law enforcement with necessary intelligence that would have led to earlier prosecutions," Mr Comyn told the banking royal commission on Tuesday.

"And, of course, there could have been other matters as well because we didn't appropriately manage all of the risks associated with our AML/CTF obligations."

Senior counsel assisting the commission Rowena Orr QC said the failures meant law enforcement could not disrupt money laundering by drug syndicates, firearms importation syndicates and distribution syndicates.

It also limited their ability to fight financial crime.

Mr Comyn agreed on both points.

Mr Comyn said the bank had made substantial progress over the last 12 months but the AML/CTF obligations remained a continuing area of focus.

The royal commission heard an audit report last month revealed the bank's AML/CTF framework has improved but continues to be deficient in key areas.

Mr Comyn said the problems identified as part of the AUSTRAC contraventions have been fixed, but warned the threat landscape continued to shift as criminals became more sophisticated.

"I'm very confident that we've substantially improved, and demonstrably, the control environment to protect the financial integrity and of course the Australian citizens.

"There is work to continue doing.

"I suspect there will never be a day while I'm in this role that I ever say that I'm fully satisfied with it, where we're dealing with all our AML/CTF risks because it will be one of those risks that continues to evolve.

"This is a very high priority for me and the board in the months ahead."

The AUSTRAC issues were linked to CBA's introduction and oversight of intelligent deposit machines, ATMs where deposits are automatically counted and credited to a CBA account and then available for immediate transfer in Australia or overseas.

The IDMs were introduced in 2012 but CBA did not introduce a daily deposit limit until November 2017.

Ms Orr said several million dollars was laundered through the IDMs.

Ms Orr said the IDMs pose a high international money laundering and terrorism financing risk because money can be deposited anonymously at any time at hundreds of locations and then be immediately available for transfer.
Source AAP
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CBA defied Red Audit Reports re Terrorism etc 3 months 3 weeks ago #4159

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Commonwealth Bank internal audit team raised 18 red flags

Ben Butler
Business Reporter
11:00PM November 21, 2018
1 Comment

Australia’s biggest bank, Commonwealth Bank, has 18 “red” — unsatisfactory — audits outstanding, covering almost every area of the company from its compliance with anti-money-laundering and counter-terror financing laws through its mortgage broking subsidiary Aussie to problems with the SWIFT system used to transfer money between banks, documents tendered to the financial services royal commission reveal.

Details of CBA’s audit woes are laid bare in a confidential paper prepared for a meeting on October 23 of an executive committee set up by new chief executive Matt Comyn to deal with non-financial risks by the bank’s internal audit and assurance team.

The audit team said CBA’s anti-money-laundering and counter-terror financing (AML/CTF) program was “rated red, reflecting the significant number of issues already known to management and the additional issues found by Group Audit & Assurance [internal audit] during the review”.
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Internal audit’s review of the program followed the bank’s $700 million payout in June to settle a lawsuit in which the payments regulator, Austrac, accused it of failing to comply with AML/CTF laws more than 53,000 times.

Yesterday, CBA chairman Catherine Livingstone told the royal commission she challenged bank management — at the time led by then-chief executive Ian Narev — about Austrac’s concerns at a board meeting in October 2016, when she was relatively new as a director.

“I did not receive a satisfactory answer to my challenge, because it did not accord with my understanding of Austrac,” Ms Livingstone told the hearing.

“That response served to confirm the concern that I had been developing, based on my experience as a non-executive director, that management, at that time, did not have the capacity to respond to what was, clearly, an escalating, significant and serious control challenge. Management did not have the capacity, either because they couldn’t or they wouldn’t.”

In last month’s note, the audit team told CBA executives a probe of the bank’s compliance with responsible lending rules for personal loans “found weaknesses in being able to evidence customer product needs, and with the verification of customer income, liabilities and expenses during the loan assessment process”.

“We highlighted concerns with the risk-based pricing approach and customer remediation activity that has been ongoing since 2015.”

They expressed concerns about data management and security and the international money transfer message system SWIFT at CBA’s Indonesian subsidiary, Bank Commonwealth.

“The audit found inappropriate access to bank and customer records and inappropriate access rights allowing staff to bypass controls,” the audit said. “Management are addressing these control matters by November 2018.”

Across the group, AML/CTF received a red audit result last month after it found the control environment “unsatisfactory”.

The team said a review of the bank’s AML/CTF framework added 45 new issues — including seven of high severity — to an existing 199 known problems.

However, increased focus on the area, including “a significant board-driven injection of capital” following the bank’s Austrac debacle meant problems were being solved faster than before.

“Employee Due Diligence (EDD) and oversight of ‘High Risk’ roles continues to be weak,” the team said. “EDD processes are not compliant with the requirements of the CBA Financial Crime EDD Standard.’’

The report shows that the entire Aussie Home Loans business has been red-rated since December last year due to the risk of poor conduct, with a follow-up audit put off because the business is to form part of the wealth business that CBA hopes to spin off.

The wealth management division received two red audits — one for compliance with licensing obligations and another for advice given out by the Commonwealth Financial Planning business. CFP’s red rating has been on foot for two years, the report reveals, and is being monitored quarterly.
Ben Butler
Business Reporter
Business reporter Ben Butler has covered everything from tractors to fashion to corporate collapses. He has previously worked for the Herald Sun and as a senior business reporter with The Age and Sydney Morning... Read more
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Paluka Bowles Stagliano Shirley Joseph's RBA Cases 3 months 2 weeks ago #4164

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Reserve Bank subsidiaries Securency and Note Printing Australia fined $21m over bribe offers
By Liz Hobday

Updated about 4 hours ago
Reserve Bank
Photo: The RBA sold its 50 per cent share in Securency in 2013, following the scandal. (AAP)
Related Story: How the RBA scandal unfolded
Related Story: AFP to crack down on foreign bribery with $15 million boost
Related Story: Australia perceived as 'more corrupt', urged to 'ramp up' effort on foreign bribery

Two subsidiaries of the Reserve Bank of Australia (RBA) were fined more that $21 million for offering bribes to foreign officials, it can now be revealed after a long court process.
Key points:

Record fines were issued against Securency and Note Printing Australia in 2011
The fines have been kept from the public by long-running suppression orders
The companies pleaded guilty to attempting to bribe officials in Indonesia, Malaysia, Vietnam and Nepal

A wide-ranging corruption case linked to the RBA has finally wound up, following a guilty plea from one of the key players in the Securency scandal, Christian Boillot.

The fines were handed down in 2011 and 2012, but could not be reported at the time because of non-publication court orders.

The players caught up in the bribery scandal went to the very top of RBA subsidiaries Securency, which made the plastic base for banknotes, and Note Printing Australia (NPA), which produces the notes.

They included:

The former chief executive of Securency, Myles Curtis, who pleaded guilty to conspiring to bribe foreign officials in Malaysia and Indonesia, as well as a false accounting charge, and was given a suspended sentence
Securency's former chief financial officer, John Ellery, who pleaded guilty to cooking the books regarding a commission paid to a Securency sales agent in Malaysia, and was given a suspended sentence of six months' jail in August 2012.
A Securency manager, Clifford Gerathy, who pleaded guilty to false accounting and was given a three-month suspended sentence
The principal of a Securency agency business in Indonesia, Radius Christanto, who pleaded guilty to conspiring to pay kickbacks so Securency could do business with Bank Indonesia. He was given a suspended sentence of two years' jail in 2013.

Mr Boillot, a former banknote executive, pleaded guilty this week in the Victorian Supreme Court to conspiring to offer a bribe to foreign officials in Malaysia. He will be sentenced on December 6.
Clifford Gerathy walks outside court in Melbourne.
Photo: Clifford Gerathy, a former manager at Securency, avoided jail time after admitting to false accounting. (ABC News: James Hancock)

As a result, the record fines against the RBA subsidiaries, as well as the individual sentences to executives, can now be revealed.

Securency makes the plastic base for both Australian and foreign banknotes. It was later sold by the RBA and is now known as CCL Secure.

It pleaded guilty to offering bribes to officials at the note-issuing authorities in Indonesia, Malaysia, and Vietnam.

NPA produces Australia's banknotes and passports, and its foreign customers include the central banks of New Zealand, Singapore, Mexico, Chile and Romania.

It pleaded guilty to attempting to bribe officials in Indonesia, Malaysia and Nepal.

The offences took place between 1999 and 2004.

A series of prosecutions linked to the scandal have been kept secret for the past seven years thanks to long-running suppression orders, which have today been lifted.

In a statement, the RBA said the guilty pleas reflected that the boards of the companies accepted responsibility, showed remorse and took into account the public interest in avoiding a lengthy, costly court battle.

"The Reserve Bank strongly condemns corrupt and unethical behaviour," RBA governor Philip Lowe said in the statement.

"The RBA has been unable to talk about this matter publicly until today, although the guilty pleas were entered in 2011.
International bribery fines:

NPA paid fines of $450,000 and a pecuniary penalty of $1,856,710
Securency paid fines of $480,000 and a pecuniary penalty of $19,809,772

Source: RBA

"The RBA accepts there were shortcomings in its oversight of these companies, and changes to controls and governance have been made to ensure that a situation like this cannot happen again."

The RBA said the prosecution had accepted that the boards of the two companies had no knowledge or involvement in the corruption.
The Indonesian conspiracy

The Victorian Supreme Court heard Securency funnelled bribes worth about $US3 million to Indonesian officials, to secure or maintain its contract with the Indonesian central bank.

The mid-1999 contract with the Bank of Indonesia to supply materials for printing polymer banknotes was worth more than $13 million.
How the RBA scandal unfolded
How the RBA scandal unfolded
It has taken almost a decade but the bribery scandal involving the Reserve Bank's note printing business has finally wrapped up.

But there was a second part to the conspiracy — under the contract with the Bank of Indonesia, the bank was entitled to claim penalty payments if the banknotes were not printed on time.

Note Printing Australia repeatedly failed to meet the deadlines set for printing 500 million 100,000 Indonesian Rupiah notes.

When the penalty payments were made, only some of the money went to the central bank.

The rest was paid "unofficially" to the bank's officials.

The case against Securency and Note Printing Australia was the first prosecution brought under foreign bribery laws introduced in 1999.

In sentencing, Justice Elizabeth Hollingworth said the international conspiracy lasted for a substantial period of time.

"The conduct was deliberate, sophisticated, carefully orchestrated and concealed," she said.

The prosecution also argued the bribery conspiracy could affect Australia's capacity to engage in foreign trade.

Justice Hollingworth found the actions of Securency and NPA Ltd "… had the capacity to harm the reputation of the Reserve Bank itself, and … broader Australian interests".

Both companies have accepted that the systems and procedures they had in place at the time of the offending were inadequate to prevent or detect the offending conduct of their senior executives.
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