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Articles on Banking royal commission

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Australia’s anti-money-laundering agency has accused Westpac’s senior management, including chief executive Brian Hartzer, of indifference to the bank’s anti-money-laundering obligations. Joel Carrett/AAP

Westpac’s scandal highlights a system failing to deter corporate wrongdoing

It’s no wonder corporate wrongdoing occurs when the profits from wrongdoing outweigh the costs of being caught and punished.
Australia’s Aged Care Quality and Safety Commission found 45 of Bupa’s 72 nursing homes failed health and safety standards. In 22 homes the health and safety of residents was deemed at ‘serious risk’.

Bupa’s nursing home scandal is more evidence of a deep crisis in regulation

The failure of regulators to take decisive action against errant companies is an unintended consequence of the design of ‘responsive regulation’.

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