I heard about this. What's up with Australian banks - remember there was that royal commission and many examples of people losing so much due to their approach to things also....

This will hurt, after the negativity of the Royal Commission. 

I'd say there'll be more to come from the others soon. 

Based on the recent leaked papers, New Zealand banks (ASB and BNZ) were also mentioned in reports (not confirmed cases but documents where activities can be reported). 

I honestly doubt there is a bank in the world that ISNT in money laundering knowingly at some level above low level tellers and whatnot. Money often brings out the worst in people and it's rather addictive

Beccara:

 

I honestly doubt there is a bank in the world that ISNT in money laundering knowingly at some level above low level tellers and whatnot. Money often brings out the worst in people and it's rather addictive

 

There was never any suggestion that they were knowingly doing it.  Basically their systems that should have prevented it or picked it up, didn't.  Some of the develpers, testers, admisitrators didn't quite get it right, had a few bugs etc.  Nek minut company paying $1.3 billion fine.  

Bung: How do you get in touch with the Personal Laundry Managers?

You need to be female. They’re happy to deal with ladies but deter gents.

Earbanean:

There was never any suggestion that they were knowingly doing it.  Basically their systems that should have prevented it or picked it up, didn't.  Some of the develpers, testers, admisitrators didn't quite get it right, had a few bugs etc.  Nek minut company paying $1.3 billion fine.  

Beccara:

I honestly doubt there is a bank in the world that ISNT in money laundering knowingly at some level above low level tellers and whatnot. Money often brings out the worst in people and it's rather addictive

Earbanean:

 

Beccara:

 

I honestly doubt there is a bank in the world that ISNT in money laundering knowingly at some level above low level tellers and whatnot. Money often brings out the worst in people and it's rather addictive

 

 

There was never any suggestion that they were knowingly doing it.  Basically their systems that should have prevented it or picked it up, didn't.  Some of the develpers, testers, admisitrators didn't quite get it right, had a few bugs etc.  Nek minut company paying $1.3 billion fine.  

 

Nah. You don't get a $1.3B fine for a bit of an oversight. That's systemic failure money. Best case, they were completely negligent in finding out what they ought to know in terms of money laundering activities by their customers, and therefore didn't set up systems to detect and track it. And I'm sure that there would have been warnings from the authorities. So I'd guess they were intentionally making sure that they didn't "know" that it was happening.... i.e. deliberately turning a blind eye. Presumably they've made more than $1.3B profit from money laundering.

frankv:

 

 

 

Nah. You don't get a $1.3B fine for a bit of an oversight. That's systemic failure money. Best case, they were completely negligent in finding out what they ought to know in terms of money laundering activities by their customers, and therefore didn't set up systems to detect and track it. And I'm sure that there would have been warnings from the authorities. So I'd guess they were intentionally making sure that they didn't "know" that it was happening.... i.e. deliberately turning a blind eye. Presumably they've made more than $1.3B profit from money laundering.

 

You say "I'd guess..." and "Presumably...".  Just guessing about things you don't actually know and then making sweeping allegations that people deliberately turned a blind eye to criminal activity - that's not a great.  Kinda Trumpian really.

They'll recover the fine by putting the fees up :-)

And just in: NZ's largest telecommunications firm has just been fined a lot of money for allowing its network to aid the flow of money laundering.

Why should this be the banks or anyone's fault a part from those that are actually doing the crime??

Earbanean:

 

frankv:

 

 

 

Nah. You don't get a $1.3B fine for a bit of an oversight. That's systemic failure money. Best case, they were completely negligent in finding out what they ought to know in terms of money laundering activities by their customers, and therefore didn't set up systems to detect and track it. And I'm sure that there would have been warnings from the authorities. So I'd guess they were intentionally making sure that they didn't "know" that it was happening.... i.e. deliberately turning a blind eye. Presumably they've made more than $1.3B profit from money laundering.

 

 

You say "I'd guess..." and "Presumably...".  Just guessing about things you don't actually know and then making sweeping allegations that people deliberately turned a blind eye to criminal activity - that's not a great.  Kinda Trumpian really.

 

A perfectly understandable reaction when this isn't the first example of corporate malfeasance and greed you've ever seen. There's a low bar of proof in the court of public opinion.