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(Reuters) - The Federal Court of Australia has fined Macquarie Bank A$10 million ($6.4 million) for its lack of controls to detect and prevent unauthorised fee transactions carried out by third parties on customer accounts, the securities regulator said on Friday.
The bank allowed customers to give third parties, such as financial advisers and stockbrokers, different levels of transaction authority, including to withdraw fees, the Australian Securities and Investments Commission (ASIC) said in ...
>>> Read more: Australia fines Macquarie Bank $6.4 million for not preventing unlawful third-party transactions
The bank allowed customers to give third parties, such as financial advisers and stockbrokers, different levels of transaction authority, including to withdraw fees, the Australian Securities and Investments Commission (ASIC) said in ...
>>> Read more: Australia fines Macquarie Bank $6.4 million for not preventing unlawful third-party transactions
