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.

Read the full speech (PDF 121KB)

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Last updated: 11/08/2017 09:20