Parliamentary Joint Committee – Corporations and Financial Services, ASIC Chairman - Opening Statement - August
A statement by Greg Medcraft, Chairman, Australian Securities and Investments Commission, Parliamentary Joint Committee, Corporations and Financial Services
11 August 2017
I am pleased to appear before the committee today.
With me are deputy chairman Peter Kell and commissioners:
- Cathie Armour, and
- John Price.
Also appearing are Senior Executive Leaders:
- Sharon Concisom;
- Warren Day;
- Gerard Fitzpatrick;
- Greg Kirk;
- Tim Mullaly;
- Louise Macaulay; and
- Michael Saadat.
Chair, I have a brief opening statement.
Last week, Australia’s financial intelligence and regulatory agency, AUSTRAC, initiated civil penalty proceedings in the Federal Court against the Commonwealth Bank of Australia for non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
This action follows an AUSTRAC investigation into CBA’s compliance, particularly regarding its use of intelligent deposit machines.
Given AUSTRAC’s matter is before the courts, I cannot comment on the specifics of that matter.
However Chairman, I wanted to inform the committee that ASIC has commenced inquiries into this matter and any consequences this matter has for the laws we administer.