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Showing 341 - 350 of 688 results for "Penalty"

ASIC charges BitConnect Australia lead

ELIZA BAVIN  |  WEDNESDAY, 18 NOV 2020
... Bigatton could face hefty fines and possibly imprisonment. Operating an unregistered investment scheme carried a maximum penalty of five years imprisonment and/or a fine of $42,000. Providing unlicensed financial services carries a maximum penalty of ...

Former Financial Circle director charged

ELIZA BAVIN  |  MONDAY, 16 NOV 2020
... a referral from ASIC. The charges of acting in the management of corporations whilst disqualified each carry a maximum penalty of one year's imprisonment and/or 50 penalty units. After initially being charged on 27 May 2020, Fuoco's matter was listed ...

RC recommendations closer to legislation

KARREN VERGARA  |  FRIDAY, 13 NOV 2020
... which has consumer protection and member outcomes as their touchstone. These co-regulated provisions are either civil penalty provisions or provisions that are otherwise enforceable. ASIC will be given the power to approve and revoke voluntary codes ...

Fake tax agent penalised

ANNABELLE DICKSON  |  WEDNESDAY, 11 NOV 2020
... person without the requisite qualifications. However, it was Caolboy's cooperation with the TPB and ATO that led to a lower penalty as she admitted to the contraventions and voluntarily disclosed the client records and her income for the services she ...

Former advisers face huge fines

ELIZABETH MCARTHUR  |  FRIDAY, 6 NOV 2020
... year in prison for each offence. Additionally, Acworth has been charged with five counts of fraud which has a maximum penalty of 20 years in prison. Acworth was a Macquarie Equities adviser between 2015 and 2018. Acworth is currently on bail, with the ...

Westpac profits down on AUSTRAC fine

ANNABELLE DICKSON  |  MONDAY, 2 NOV 2020
... to$2.29 billion while cash earnings tumbled 62% to $2.6 billion, which the bank says is attributable to the $1.3 billion penalty to settle the AUSTRAC proceedings. Westpac Group chief executive Peter King noted the year has been challenging and the result ...

Westpac hit with $1.2bn of losses

KARREN VERGARA  |  MONDAY, 26 OCT 2020
... paid the highest penalties after it breached anti-money laundering laws 23 million times. Westpac agreed to pay a civil penalty of $1.3 billion, which equates to just $56.52 per breach. Additionally, as part of the $1.2 billion loss, about $182 million ...

NAB to pay $15m for Royal Commission case study

ELIZABETH MCARTHUR  |  MONDAY, 19 OCT 2020
... licence. These introducers were engaged in credit activity, namely by assisting NAB customers to enter into home loans. "The penalty imposed by the Court reflects the serious contraventions by NAB and is an important result for ASIC's first civil ...

Derivatives issuer cops $75m penalty

ELIZA BAVIN  |  MONDAY, 19 OCT 2020
The Federal Court has imposed a $75 million penalty on OTC derivative issuer AGM Markets and former authorised representatives OT Markets and Ozifin. AGM was ordered to pay $35 million, while OTM and Ozfin have each been ordered to pay $20 million. ...

ANZ fined $10m

ELIZABETH MCARTHUR  |  FRIDAY, 2 OCT 2020
... necessary to ensure that financial services were provided efficiently, honestly and fairly. The court ordered the $10 million penalty as result of this conduct. "The outcome and penalty imposed by the court is a strong deterrent message and reflects ...