Major blow for Macquarie Bank as corporate watchdog SUES over almost $3MILLION in ‘third party’ withdrawals
- Australian Securities and Investments Commission is suing Macquarie Bank
- Corporate regulator alleged it failed to properly monitor third party transactions
Australia’s corporate regulator has accused Macquarie Bank of failing to properly manage transactions made by a convicted conman.
The Australian Securities and Investments Commission has launched legal action in the Federal Court alleging Macquarie had failed to adequately monitor and control transactions by third parties such as financial advisers on their cash management accounts.
Macquarie Bank is accused of failing to manually check money movements via its bulk transaction system.
ASIC alleged this affected customers including the victims of convicted financial adviser Ross Andrew Hopkins, who made $2.9million in unauthorised withdrawals.
Australia’s corporate regulator has accused Macquarie Bank of failing to properly manage transactions made by a convicted conman
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Read more at DailyMail.co.uk