Australia’s largest bank, the Commonwealth Bank of Australia (CBA), has introduced new anti-scam measures that include blocking certain payments to specific cryptocurrency exchanges.
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The regulator found almost $55 million in fees were charged to nearly one million customers and more than 800,000 accounts, between 1 June 2010 and 11 September 2019. The Court, however, can only impose a penalty for the period between 1 April 2015 and 11 September 2019, which resulted in $11.5 million of wrongful fees.
The proposal is made by 100 shareholders who hold approximately 0.007% of the CBA’s shares.
ASIC has concluded its investigation in relation to matters that were the subject of the proceedings commenced against CBA by AUSTRAC in August 2017.
Wendy Stops is set to retire at the conclusion of the 2020 AGM.
The new partnerships coincide with the announcement of X15 Ventures’ fourth new venture, Backr.
The regulator alleges that more than $22 million in conflicted remuneration was paid by Colonial First State to CBA for the distribution of a superannuation product.
Simon Moutter will join CBA’s Board of Directors as an Independent, Non- Executive Director with effect from September 1, 2020.
The deal implies a total valuation for CFS on a 100% basis of $3.3 billion, which will result in CBA receiving cash proceeds of approximately $1.7 billion from KKR.
The collaboration will allow customers to automatically receive an itemised digital receipt in their banking app when they pay with their card or digital wallet at participating retailers.
The enforceable undertaking concerns two incidents: one relating to the disposal of magnetic data tapes containing historical customer statements; and the other relating to internal user access to certain systems and applications containing customer personal information.
Customers to benefit with Alipay available on CBA’s Albert touchscreen devices.
The problems affecting the operations of NetBank and the CommBank app are said to have stemmed from an issue at one of CBA’s data centers.
There is an issue affecting some Visa card transactions and some payments in NetBank and CommBank apps.
Members of Japan Cryptocurrency Business Association, including GMO-Z.com Coin, are about to halt bitcoin deposits/withdrawals, as the outcome of the User Activated Soft Fork is unknown.
“Rather than cash dying, it remains the payment method of choice for more than half of Australians travelling abroad – and we are therefore delighted to be reinstating FX cash services for Australia’s largest bank.”
The Australian government has unveiled its proposal to regulate cryptocurrency exchanges and digital asset platforms under existing financial services laws.
National Australia Bank (NAB) would curb access to high-risk cryptocurrency exchanges, which is understood to include Binance, joining the country’s other big lenders in blocking payments to digital-asset platforms.
During his speech at the Australian Blockchain Week, Ben Rose, Binance’s regional manager, revealed that the Australia’s team received an abrupt notification in the middle of the night, stating that the exchange would be “cut off” from Australia’s banking system.
