Bank of Queensland is in trouble with the regulators over its compliance systems, according to the Australian Financial Review. The report says the Australian Securities and Investments Commission has written to the bank about its transaction monitoring responsibilities. ASIC's letter refers to an investigation into the operation of the bank's money market account by the anti-money laundering regulator Austrac, which found that the bank's control were "inappropriate". ASIC said its investigation was ongoing. A new competitor in the consumer finance market, zipMoney, will list on the Australian Securities Exchange today. The company issued a media release saying it was set to raise A$5 million through the reverse takeover of Rubianna Resources. It plans to compete in the interest-free "buy now, pay later" segment. Former chief executive of CUA, Chris Whitehead, has joined the board of marketplace lender DirectMoney. Whitehead has also served as the head of retail at Bankwest. DirectMoney executive chairman Stephen Porges said in a statement: "Chris will add invaluable support to the development of DirectMoney's partnerships with the mutual and wider financial services sector." The Australian Securities and Investments Commission has banned a Sydney car loan broker, Fernando Morais, from engaging in credit activities for ten years after finding that he provided false documents in relation to credit applications. ASIC also cancelled the credit licence of Morais' company Sanfern Pty Ltd. In making applications on behalf of five clients between August 2011 and November 2011 Morais "recklessly" provided false documents to BMW Australia Finance and Alphera Financial Services.