The number one commandment of the anti money laundering law is "Know your customer". AUSTRAC is alleging Westpac didn't, and didn't seem to want to.
It's no wonder corporate wrongdoing occurs when the profits from wrongdoing outweigh the costs of being caught and punished.
The Rugby World Cup an tell us a lot about banking.
Evidence for the prime minister's contention that the banks are "profiteering" is thin on the ground.
The failure of regulators to take decisive action against errant companies is an unintended consequence of the design of 'responsive regulation'.
Australia's top scientist Alan Finkel says too many poor quality research papers are being published in Australia, and the system may inadvertently encourage academics to behave badly.
Outcomes are what matter for customers. The new Banking Code of Conduct doesn't go near them.
"Balanced scorecards", of the kind countenanced by the Australian Prudential Regulation Authority, are inherently unbalanced.
People expect financial institutions to serve them better in the wake of the royal commission. There's reason to believe they won't, for long.
Investigative journalist Adele Ferguson on the ‘disappointing’ banking royal commission and how she works with whistleblowers.
The Conversation51,9 Mo (download)
Today on Media Files, it's journalism versus the big banks. We're hearing from Adele Ferguson, the celebrated journalist who many credit as the driving force behind the banking royal commission.
The government has agreed to create an independently-chaired body to report on the performance of ASIC and APRA, but it hasn't said its reports will be made public.
There's concern that paying upfront for the services of mortgage brokers would frighten customers away. But it needn't, if they provide good service and explain what are charging for.
The budget will include another round of tax cuts and provide about $600 million to pursue wrongdoers and help restore trust in the financial system.
Superannuation fund supremo Greg Combet has a radical idea: to promote the business concept of 'long-term value'.
Josh Frydenberg wants to leave mortgage broker commissions unchanged for three years. It's hard to see why.
There's a problem in thinking more women on boards is a great indicator of significant progress on diversity.
The ASX was late to the corporate governance party and its fourth reheat remains as flawed as ever.
Suddenly, ASIC is about to have real power. It'll be easier to get prosecutions and they will hurt, even if the law remains less than completely clear.
There are better ways to teach financial literacy than through school banking schemes.
In trying to be values-free (like physics & chemistry), business schools have succeeded in justifying amoral behaviour. No more! We've seen the results in the Banking Royal Commission.