Financial Performance of Commonwealth Bank of Australia - Annotated Bibliography on Fraud and Money Laundering

Financial Performance of Commonwealth Bank of Australia
0
Title: Financial Performance of Commonwealth Bank of Australia
Assignment Name:
Student Name:
Professor:
Date:

Financial Performance of Commonwealth Bank of Australia
1
Executive Summary
This report summarizes an introduction of Commonwealth Bank of Australia has been provided.
The unethical scenario of Fraud and money laundering has been given prime importance in this
report. The annotated Bibliography has been presented with emphasis on five articles on fraud,
risk assessment, organizational structure and dynamics, money laundering and fraud triangle and
individual morality and control systems. This is followed by a conclusion that emphasizes the
central theme of the fraud and money laundering act in the bank.

Financial Performance of Commonwealth Bank of Australia
2
Contents
Introduction......................................................................................................................................3
Part -2 Annotated Bibliography.......................................................................................................4
Article 1...................................................................................................................................................4
Article 2...................................................................................................................................................5
Article 3...................................................................................................................................................6
Article 4...................................................................................................................................................7
Article 5...................................................................................................................................................8
Conclusion.......................................................................................................................................9
References......................................................................................................................................10
Appendix........................................................................................................................................12

Financial Performance of Commonwealth Bank of Australia
3
Introduction
The Commonwealth Bank of Australia runs a business across Asia, United States, United
Kingdom and New Zealand. It is regarded as “Cosmopolitan Bank and offers plethora of
financial services such as institutional banking, fund management, broking and investment
services, superannuation and funds management. In the corporate history of Australia, one of the
biggest fines has to be paid by the Commonwealth Bank of Australia for the breach of counter
terrorism and money laundering acts (Bosworth‐Davies, 2007).
Austrac, the financial crime investigation agency has filed a lawsuit against the
Commonwealth Bank of Australia. The biggest giant-CBA has been asked to pay the seven
hundred million Australian dollars. The Austrac has reported more than fifth-three thousand
default account transactions and ATM operations. The crime investigation, officials have asked
the bank to report all the business transaction within the ten working days. According to the
bank, the transactions underwent through a website coding error and this has resulted into the
terrorist gang grid across the whole system. The Commonwealth Bank of Australia has been
trying to reach the settlement.
The following points must be under consideration-
1. The commonwealth bank has been unsuccessful in monitoring the transactions on more
than 7, 50,000 accounts. All the transactions are under the money laundering red flag.
2. The bank has been unable to perform the continuous check for more than sixty suspicious
customer accounts. These counts were un-operational for a period of 3 years from
October 2012 to October 2015 (He, 2006).
3. The bank has been unable to evaluate the risk with regard to IDMs.