The Australian Securities and Investments Commission has taken action against Macquarie Bank for failing to adequately monitor and control transactions by third parties, including former adviser Ross Andrew Hopkins who stole $2.9 million from his clients.
<p><span>ASIC has commenced civil penalty proceedings in the Federal Court against Macquarie Bank Ltd for failing to adequately monitor and control transactions by third parties, such as financial advisers, on their customers’ cash management accounts.</span></p>