Every bank that provides funding to CBA has spent the weekend trying to work out what their own compliance obligations are. Are they at risk of providing funding to an organisation without appropriate terrorism financing controls? The US banks in particular are absolutely ruthless on this issue and, given the fines handed out to HSBC and Barclays in recent years, it is hard to imagine how CBA’s cost of funding stays at its current low levels.
Throw in the consequences of a Royal Commission, and the obvious risk of more misconduct issues raising their ugly heads, and a $1bn fine really is the least of CBA’s worries.
Functional cookies Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.