Tag: CBA

CBA

Australian Banks Admit Conduct Oversight Failure in FX Businesses

Two Australian banks, National Australia Bank and Commonwealth Bank of Australia, have each made a “benefit payment” of AUD 2.5 million after the local regulator, the Australian Securities and Investment Commission (ASIC) found they had inadequate controls to address risks relating to instances of inappropriate conduct in their offshore FX businesses.
ASIC says it identified attempts to manipulate FX fixes, front running and the inappropriate sharing of information by traders at CBA and NAB between 1 January 2008 and 30 June 2013.