Macquarie Bank has been slapped with a $10 million penalty for its lack of controls to detect and prevent unauthorised fee transactions conducted by third parties, such as financial advisors.
has been slapped with a $10 million fine for its lack of controls to detect and prevent unauthorised fee transactions conducted by third parties like financial advisors.
Macquarie also made available to third parties a bulk transacting tool to make multiple withdrawals across multiple customer accounts simultaneously, the securities regulator said.ASIC Chairman Joe Longo said fraud controls were becoming increasingly important. "While Macquarie implemented effective controls from January 2020, its earlier failures meant that financial adviser Ross Hopkins was able to fraudulently withdraw around $2.9 million from his customers' accounts without being detected by Macquarie."
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