Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 11 - 20 of 64 results for "AML"

NAB evades AUSTRAC fine for non-compliance

ANDREW MCKEAN  |  MONDAY, 2 MAY 2022
... Australia Bank (NAB) has avoided a civil penalty for issues related to anti-money laundering and counter-terrorism financing (AML-CTF) laws. Unlike the Commonwealth Bank and Westpac which received gargantuan fines for AML-CTF breaches, NAB has accepted ...

Bell Financial Group in AUSTRAC probe

JAMIE WILLIAMSON  |  THURSDAY, 17 FEB 2022
... of engagement with Bell Financial Group, including that the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/DTF Act) and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (AML/CTF Rules) may have been ...

LGIA upgrades anti-money laundering tech

ELIZABETH MCARTHUR  |  TUESDAY, 8 FEB 2022
... fund chose Napier's Transaction Monitoring and Client Screening tools as part of an upgrade of its anti-money laundering (AML) defences. Napier uses AI technology to identify suspicious behaviour. This behaviour can then be more easily and efficiently ...

ClearView uses new anti-money laundering technology

ELIZABETH MCARTHUR  |  WEDNESDAY, 8 DEC 2021
... suspicious behaviour which could be indicative of money laundering more efficiently, while having complete ownership over its AML platform. Napier's solutions are designed to provide a holistic view of each customer so that compliance teams, with AI-assistance ...

Unlicensed crypto platforms robbing investors

KARREN VERGARA  |  FRIDAY, 20 AUG 2021
... investors to be wary of investing in such crypto-assets but also to check whether the platform is licensed with and AFSL or AML or not. "If an entity is unlicensed, you are taking a risk that you will not be afforded with the investor protections required ...

AUSTRAC to face scrutiny

ELIZABETH MCARTHUR  |  THURSDAY, 24 JUN 2021
... respect to customer identification procedures, ongoing customer due diligence, and its ability to comply with AUSTRAC's AML and CTF program. This despite the fact NAB has poured $800 million and devoted more than 1000 staff members to improving financial ...

AUSTRAC investigates NAB, JBWere

KARREN VERGARA  |  MONDAY, 7 JUN 2021
... with respect to customer identification procedures, ongoing customer due diligence, and its ability to comply with AUSTRAC's AML and CTF program. NAB's subsidiaries JBWere, Wealthhub Securities (nabtrade), Medfin Australia and AFSH Nominees will also ...

Chester eyes ASIC chair role

KARREN VERGARA  |  FRIDAY, 19 MAR 2021
... effectiveness of ASIC, AUSTRAC and other government agencies such as the Australian Border Force in combating anti-money laundering (AML) activities given so many incidents slip through the cracks. She pointed to the $500 million cocaine drug cartel ...

Westpac enters into court enforceable undertaking

ANNABELLE DICKSON  |  THURSDAY, 3 DEC 2020
... step-change that APRA requires," Lonsdale said. APRA's concerns stem from AUSTRAC's allegations of anti-money laundering (AML) breaches against the bank in December 2019. The prudential regulator had concerns with Westpac's "immature and ...

State Street cops $1.25m fine from AUSTRAC

KANIKA SOOD  |  WEDNESDAY, 16 SEP 2020
... transfers to the agency under Anti-Money Laundering and Counter-Terrorism Financing laws. Under the law (section 45 (2) of the AML/CTF Act 2006), any person who sends or receives an instruction to transfer funds in or out of Australia must notify the ...