Commonwealth Bank of Australia is being investigated by the corporate regulator over its alleged breach of money laundering and terrorism financing laws.
Commonwealth Bank of Australia has reported an increase in cash profit to $9.8 billion for the 2017 financial year, while its Perth-based subsidiary, Bankwest, delivered a fall in profit as a result of increased home loan impairments.
Commonwealth Bank of Australia executives, including CEO Ian Narev, will be hit in the pocket over the bank's more than 53,000 alleged breaches of anti-money laundering and counter-terrorism financing laws.
Commonwealth Bank of Australia has suggested that 53,000 alleged breaches of money laundering laws listed in a case brought against it by regulators could be treated as a single matter because they all stemmed from the same IT error.
The Australian share market has bounced back from its previous session's losses, starting the week comfortably higher on the back of strength in the mining and energy sectors.
The Australian Securities and Investments Commission has slapped a five-year ban on a Queensland-based former employee of stockbroking firm Patersons Securities, after he made unauthorised trades on a client account and created false records on two further accounts.
Treasurer Ben Wyatt has all but ruled out the introduction of a bank tax in the September budget but has kept the option open for a future decision, while the industry has called on the state government to protect Western Australia’s economic growth by not bringing in the levy.
Westpac has entered into exclusive discussions with property giant Charter Hall Group to sell its infrastructure investment business Hastings Management.
Bankwest is lifting mortgage rates for interest-only loans, following the lead from the big four banks, which already adjusted rates in an attempt to slow down riskier lending.
Australia's biggest banks will have to find billions of dollars of extra cash by 2020, but the new requirement does not look like being much of a problem for them.
The corporate watchdog has banned a Perth financial adviser from the industry for failing to act in the best interests of his clients while he was employed by a subsidiary of Westpac.
China Construction Bank has become the third Chinese banking group to establish a presence in Perth, and those managing its operations are planning to make a larger impact than the competition.
Dogged legal action led by Fremantle-based Primary Securities has given investors in a failed Willmott Forests scheme the prospect of getting a return on their money.
Financial services business Euroz has flagged a surge in net profit for the 2017 financial year and an increased dividend payout, on the back of an improved performance by its broking arm.
West Perth-based Platinum Mortgage Securities has entered into a products sale agreement with La Trobe Financial, following a transfer of funds between the two businesses last year.
Chief executives at mid-cap companies in Western Australia are better paid than their peers in other states, but those at small companies in WA are worse off, an in-depth remuneration survey has found. Click through to access the report.
Five years after joining Macquarie Group as its Western Australian chairman, Mark Barnaba is leaving to pursue a career as a non-executive director, with his first new role to be on the board of Australia’s central bank.
Pitcher Partners managing director Bryan Hughes has announced he will move on to chair the Perth-headquartered firm, with executive director Leon Mok to step into his role.
Commonwealth Bank of Australia has followed its peers by raising its variable rates for interest-only mortgages, becoming the last of the big four banks to adjust its rates mix in an attempt to slow down riskier lending.
OPINION: Those among us who are unfamiliar with the term ‘collateral damage’ are about to learn its meaning first hand, because it is what we have become – innocent victims of bad governance across Australia.
