The regulators are struggling in integrity and that is still front page news. The fines need to be much greater. The latest news affecting Bank of Queensland is that Bryan Rogash has failed to get access to his family’s estate after his parents died in a plane crash 4 months ago and the DNA lab in Queensland clearly acknowledged his parent’s deaths.
Westpac’s disease, banking paedophiles, appears to have crept across into other areas of Australian banking like releasing funds as part of an estate where death has been clearly established.
We have been waiting a long time for this regulatory fines to be imposed. Perhaps AUSTRAC wants much greater penalties and will impose much greater fines and penalties at a later point with a follow up audit.
WBC could have its license restricted. That would be a greater punishment and deterrence than a fine basically borne by sholders.
It is not good to be a sholder of a bank which banks paedophiles.
Things never get better.
Change my sentiment to hold from buy.
WBC Price at posting:
$23.70 Sentiment: Hold Disclosure: Not Held
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