Australia fines Macquarie Bank $6.4 mln for not preventing unlawful third-party transactions

Summary

1. The Federal Court fined Macquarie Bank for its lack of controls to detect and prevent unauthorised fee transactions carried out by third parties on customer accounts.
2. The bank reimbursed all clients but still was fined.
3. Managers must be cognisant of their responsibilities in protecting clients and employees, even in relation to third parties.

References

• Fact Check: Reuters - Media Bias Fact Check (VERY HIGH CREDIBILITY)
• Collections/The Runway (airforce.gov.au)
• RAAF RUNWAY: RATIONALE, GUIDELINES, LEARNING OUTCOMES, ETC