MAA250 - Ethics for Financial Professionals - The Knowns And Unknowns In CBA's Money Laundering Scandal - Case Study Writting Assignment Help

Assignment Task:

Description

In this assignment, you’ll be applying your learning about ethics and ethical decision-making to an authentic case, as you’ve been doing in the weekly seminars. Coming to an understanding of your own ethical approach and how others have theorized ethics is important for all professionals.

Write your analysis as if you were a financial professional. That means your word choice, the terminology you use, your spelling and punctuation, and the structure of each response must be appropriate for a professional, and well-informed, audience. This is important to keep in mind as you draft, edit, and proofread your responses.

Assignment Requirements

Once you have familiarised yourself with the case, respond to each of the six questions. We’re expecting to see your ethical approach and views represented in your responses. If you use others’ ideas and/or words, ensure you reference them correctly.

1. Please monitor CloudDeakin for any instructions/announcements related to the assignment.

2. This is an Individual assignment (there is no group option).

3. Learning Outcome 2 is linked with GLO 2: Communication. This means your capacity to communicate in writing will be assessed. Ensure you proofread thoroughly before submission.

4. While there are no right or wrong answers, it is important to demonstrate achievement of the learning outcomes through your responses.

5. If you feel sub-headings will help the clarity of your submission, feel free to use them. Sub- headings will not be counted in the word count.

6. As with all university assignments, when you use others’ words and ideas you must acknowledge them using Harvard referencing conventions.

7. If you choose not to submit a response you will score zero – no marks will be added to the final examination result.

Case Study

The knowns and unknowns in CBA's money laundering scandal

As talkback presenter Alan Jones was calling for Commonwealth Bank boss Ian Narev to head the Australian Rugby Union on the basis he knows the difference between "black and red figures", the government's financial transaction regulator, Austrac, was reminding parliament about a different set of CBA-related numbers.

After batting off a series of questions from senators relating to its landmark legal action against the Commonwealth Bank, the acting boss of Austrac Peter Clark made it clear at a senate hearing on Friday he views the 53,000-plus failures in the bank's automated reporting system as individual breaches.

This is in sharp contrast to the CBA, which sees them as one breach of the law on the basis they emanated from a systems error. This interpretation puts an entirely different spin on the magnitude of penalties – and dollar figures – it could face.

One breach faces a penalty of up to $18 million, but if it is 53,000-plus breaches, we are talking potentially billions of dollars. Depending on the size of the fine, could be the difference between black and red figures.

Austrac alleges CBA breached the Anti-Money Laundering and Terrorism Funding Act by failing to report more than 50,000 deposits over a certain size in its network of more than 500 Intelligent Deposit Machines (IDMs), which it rolled out in 2012. It also alleges it failed in its obligations to monitor 778,370 accounts knowns as "affected accounts" between 2012 and 2016.

It alleges "serious and systemic non-compliance," and that CBA's controls and procedures were not effective and in some cases, enabled customers to be anonymous and create fake names, which enabled drug dealers, organised crime syndicates and terrorists to launder and transfer money overseas.

As Austrac's Peter Clark told parliament "these are contraventions of our act, they are civil penalty contraventions, they relate to a range of non-reporting."

He said the Federal Court takes into account a range of issues when determining a penalty, including the number of contraventions and the totality of the alleged behaviour.

When asked by Senator Derryn Hinch to clarify the number of breaches of non-reporting of transactions over $10,000, he confirmed it was more than 53,000.

Clark also confirmed that six of the late transaction reports relate to cash transactions by five customers with links to terrorism and terrorism finance. That means one customer completed two transactions, which is frightening in this era of terrorism.

Question 1

• Explain briefly your understanding of the facts of the case.

• Who were the stakeholders impacted in this case?

Question 2

• Applying your understanding of the ethical theories and principles learnt to date, how would you categorise the actions of the Directors, CEO and the CFO, with specific emphasis on the actions of the CFO

• Would you agree with their actions taking into consideration stakeholder expectations and the market competition?

Question 3

• Applying Kohlberg’s theory how would you categorise the actions of the Board, the CEO and the CFO.

Question 4

• Based on the facts presented what is your understanding of the culture of the bank taking into consideration the following statement by the CEO-“ In his evidence to the commission this week, CBA’s chief executive, Matt Comyn, admitted that the bank’s management culture needed to change but it was very hard to do so.

• What would be required to rectify and improve the culture and ethical standing of the bank?

Question 5

• Why did the CBA agree to pay $700 M fine without challenging it through the courts?

• Was the punishment sufficient in your view?

Question 6

• Having read the current “Banking Code” in your view has the bank failed in its adherence to the code- be specific in applying the banking codes.

This Case Study Assignment has been solved by our Case Study Experts at Exam Question Bank. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.