Tag: Commonwealth Bank of Australia

April 06, 2022 BY Steffy Bogdanova

Commonwealth Bank of Australia joins LCH SA as a member

Corentine Poilvet-Clediere, Head of RepoClear, Collateral and Liquidity, LCH SA, said: It’s a great milestone to welcome CBA as the first Australian member of LCH SA. RepoClear SA has been gaining increasing traction in regions outside Europe, with members joining from Japan, Canada and now Australia. Banks such as CBA play a key role in…

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April 02, 2021 BY Steffy Bogdanova

CBA sued by ASIC over misleading conduct

The incorrect fees have been found to be a result of manual errors executed by CBA staff members, as well as improperly configured or inadequate processes and systems which dismissed the fact that a vast number of customers were entitled to waivers on any fees. CBA was also found to have produced misrepresented justifications of…

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June 24, 2019 BY Valentina Kirilova

More financial institutions join the Trade Finance Distribution Initiative

Commonwealth Bank of Australia (CBA), ABN Amro, London Forfaiting Company, Crown Agents Bank and Natixis have joined the Trade Finance Distribution Initiative (TFD Initiative) as members. The TFD Initiative is an industry-wide drive to use technology and standardisation for the wider distribution of trade finance assets. The project launched earlier this year, attracting number of…

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ASIC office
July 11, 2018 BY Valentina Kirilova

ASIC accepts court enforceable undertaking from CBA

Commonwealth Bank of Australia (CBA) informed that it has entered into a court enforceable undertaking with Australian regulator ASIC in relation to their bank bill trading business and their participation in the setting of the Bank Bill Swap Rate (BBSW), a key benchmark and reference interest rate in the Australian financial system. As part of…

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December 21, 2016 BY Valentina Kirilova

Spot FX problems lead to sanctions on Australian banks NAB and CBA

ASIC has today accepted enforceable undertakings (EUs) from each of the National Australia Bank Limited (NAB) and the Commonwealth Bank of Australia (CBA) in relation to the banks’ wholesale spot foreign exchange (FX) businesses. As a result of ASIC’s investigation, ASIC is concerned that between 1 January 2008 and 30 June 2013, both banks failed…

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September 14, 2016 BY Valentina Kirilova

CBA pays $180,000 in penalties and will write off $2.5 million in loan balances

Commonwealth Bank of Australia (ASX:CBA) has paid four infringement notices totalling $180,000 in relation to breaches of responsible lending laws when providing personal overdraft facilities. CBA has reported this matter to ASIC following an ASIC surveillance. CBA conducted an internal review which identified a programming error in the automated serviceability calculator used to assess certain…

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March 03, 2016 BY Mike Fox

R3 trials blockchain fixed income trading with 40 banks

The trial marked an unprecedented scale of institutional collaboration between the financial and technology communities exploring how distributed ledgers can be applied to global financial markets. Just released is a major blockchain announcement from financial technology innovation company R3 CEV. In short, they connected 40 banks to five different blockchains and allowed them to facilitate…

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