Macquarie Bank fined AUD$10m for inadequate fraud controls, enabling AUD$2.9m misappropriation (2016-2019).
Macquarie Bank has been fined AUD$10m by the Federal Court for inadequate fraud controls in its cash management accounts, enabling a financial adviser to misappropriate AUD$2.9m between 2016-2019. The bank admitted to violating statutory obligations for monitoring bulk transactions under third-party fee authorities. ASIC emphasizes the need for financial institutions to prioritize and invest in fraud control systems.
April 19, 2024
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