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)

Last updated: 30/03/2021 09:31