The ASX 200 (ASX: XJO) continues to storm higher with investors buoyed by how Australia is recovering from the COVID-19 pandemic. The ASX is up another 1%.
ASX banks continue to push higher
The large ASX banks make up a large part of the Australian share market. The NAB (ASX: NAB) share price is up 1.9%, the ANZ (ASX: ANZ) share price is up 2.8% and the CBA (ASX: CBA) share price is up 2.5%.
The Westpac (ASX: WBC) share price is up 2.1% after telling the market about its internal AUSTRAC investigation.
Westpac said the failure of non-reporting occurred due to a mix of technology and human error dating back to 2009. The child exploitation risk failures were due to financial crime processes, compounded by “poor individual judgements”.
Westpac said it had identified three primary causes of the anti money laundering and counter terrorism financing (AML/CTF) compliance failures.
First, some areas of AML/CTF risk were not sufficiently understand within the bank. Second, there were unclear end-to-end accountabilities for managing AML/CTF compliance. Third, there was a lack of sufficient AML/CTF expertise and resourcing.
The bank has taken actions, including reprimanding some of the employees responsible.
Qantas (ASX: QAN) to resume some flights
The Aussie airline may increase its domestic flying up to 40% of its pre-pandemic capacity by the end of July 2020 depending on travel demand and the relaxation of state borders according to reporting by the Australian Financial Review.
There will be more services between capital cities and it will also resume flights that it had previously abandoned during the worst of the COVID-19. There will also be a launch of flights between Sydney and Byran Bay.
Magellan (ASX: MFG) announces new ETF and May FUM
It is launching the Airlie Australian Share Fund as an active ETF. It will trade under the ticker ‘AASF’.
For May 2020, Magellan saw its FUM increase from $95 billion to $98.5 billion. This was despite Magellan experiencing net outflows of $288 million, which included net retail inflows of $228 million and net institutional outflows of $516 million.
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