A few months ago, I decided to put a large chunk of my savings into commonwealth bank shares. This was my first introduction into the stock market, and I simply wanted to earn a 5% p.a return, which was double what I was getting in my long term deposits. Not long after I had made the purchases, the news about the bank's deposit machines bring used for money laundering came out.
From what I understand, the software error in the machines was found 2 years ago, whereby it didnt report any deposits that were over $10,000, but was rectified within a month of it being detected. The charges for the money laundering are being conducted by AUSTRAC. Prior to detecting the problems, there had been 53,000 transactions.
Then there's a different case run by ASIC which investigates whether CBA should have informed investors about the money laundering from 2 years ago.
If CBA are hit with 53,000 individual fines, what could actually happen to the bank, therefore my savings? I worked very hard for my money, and I'm beginning to regret this decision to parttake in the sharemarket.
Submitted October 02, 2017 at 12:10AM by passmeatooheys http://ift.tt/2fJSknA
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