Australia fines Macquarie Bank $6.4 million for not preventi

Australia fines Macquarie Bank $6.4 million for not preventing unlawful third-party transactions

The bank allowed customers to give third parties, such as financial advisers and stockbrokers, different levels of transaction authority, including to withdraw fees, the Australian Securities and Investments Commission (ASIC) said in a statement. Macquarie Bank provided a bulk transacting tool to third parties to make multiple withdrawals across several customer accounts simultaneously.

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