The corporate regulator has accepted an enforceable undertaking from Macquarie, following an investigation into issues in the bank’s wholesale foreign exchange business.
According to an ASIC statement, the investigation found that the bank failed to ensure systems and controls were adequate to prevent “inappropriate conduct” in its spot FX business.
Between 1 January 2008 and 30 June 2013, Macquarie employees on a number of occasions were found to have disclosed details of pending client orders to third parties, as well as disclosing “confidential and material information” about the bank’s own trading activity.
Under the terms of the EU, Macquarie will develop a program of changes to its existing systems of monitoring and supervision and appoint an independent consultant to assess and implement the program.
The institution will also make a $2 million payment to charitable organisation The Smith Family to support its financial services operations.
The move follows similar undertakings by Westpac, ANZ, NAB and CBA as part of the same FX investigation, the statement said.
Read more:
Westpac undertakes technology restructure
BT Panorama inks deal with robo-adviser
Poor advice compensation edges up to $204m
Investors are being advised to position their portfolios defensively in 2019 as Europe may be teetering on the brink of recession according ...
The government has asked for public consultation on two bills that will implement the tax and regulatory components of the CCIV regime and i...
Despite Theresa May’s proposed Brexit plan suffering a large defeat in the UK parliament, AMP thinks it may result in a softer outcome ove...
