The royal commission into the big four banks, which wrapped up in February, was supposed to be a very expensive wake-up call for the sector. But given Westpac’s alleged 23 million breaches of anti-terrorism and counter-money laundering laws, it seems not a lot has been learned.

Below, Crikey takes a look at some of the banking sectors’ stuff-ups since the end of the royal commission.

Date  Institution  Offence 
November Westpac 23 million alleged breaches of anti-terrorism and counter-money laundering laws after not properly monitoring and reporting international fund transfers and transactions of more than $11 billion, some potentially linked to child exploitation in the Philippines. Wespact could be facing $1 billion in fines.
November NAB Sold “junk” insurance targeting students, unemployed people and people on disability pensions, with many benefits completely inaccessible to customers — some even only payable after death. NAB has agreed to backpay tens of thousands of customers a total of $49.5 million.
November CBA Pleaded guilty to 87 hawking offences after selling $12 million worth of life insurance products with unclear descriptions over the phone to 30,000 customers.
November NAB Admitted to 255 breaches in mortgage “introducer” scheme which saw unlicensed people bring clients to the bank for a commission. Facing a $433 million penalty.  
October ANZ Admitted it was still working through compensating half-a-million customers to the tune of $90 million after charging them the wrong interest rates for home loans dating back to 2003.
October CBA & KPMG Class action launched after 15,000 alleged breaches of superannuation law from failing to transition $3.2 billion worth of members’ money to a better-performing product.
October ANZ, CBA, NAB & Westpac Treasurer Josh Frydenberg asked the Australian Competition and Consumer Commission to examine the banks’ conducts after they failed to pass interest rate cuts on to customers in full.
September Westpac Class action launched after the bank allegedly siphoned cash from superannuation members, with potential damages in the tens of millions. 
August Westpac $1.8 million refund announced for 30,000 customers after incorrectly charging annual credit card fees.
August Westpac Fined $1.5 million by the Australian Prudential Regulation Authority for failing to report data on time.
July NAB 13,000 customers’ data was uploaded without permission to two data service companies.
July Westpac Forced to repay tens of millions to 40,000 mortgage holders after they were charged excess interest. 
June CBA Admitted to losing track of 20 million magnetic tapes containing customer details.
June Westpac PayID hacked, exposing the details of 98,000 customers.
April CBA 8000 staff underpaid by around $4.8 million.
April Westpac Taken to court after allegedly turning a blind eye to rogue financial adviser Sudhir Sinha. Facing $1 million fine per breach. 
March Citibank, UBS, JP Morgan, Barclays & RBS Sued in class action lawsuit in London for allegedly rigging currency exchange rates internationally, with potential damages of US$1.2 billion.
March Westpac  Bank abandons personal advice business after it made a loss and received 1800 customer complaints in several months, costing $250 million -$300 million in exit and restructuring costs.
February Westpac Class action filed by mortgage holders affected by irresponsible lending, seeking tens of millions. 
February CBA Bank admitted it couldn’t stop charging fees to investors as ordered by the Australian Securities and Investments Commission. Customers owed a total of $40 million.

Peter Fray

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