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Commonwealth bank sees $1 billion of profits gone in compensation to customers

The bank has been repeatedly on the news as scandals pile up over numerous compliance breaches of the bank.

The scandals have even created reorganisation as the royal commission recommended to close down Financial Wisdom.

With new tendencies showing lower profits in the banking sector and fines consuming a large part of profits and reserves, share continue to decrease in value, while the bank continues to see its profits treated by investigations.

it was reported that this is the second year in a row in which the net profit of the bank gets impacted by spending trying to address past misbehaving.

Source

https://www.theguardian.com/news/2019/aug/07/commonwealth-bank-profits-slump-compliance-bill-surges-by-1bn

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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