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Showing 31 - 40 of 131 results for "AUSTRAC"

Serious financial crime drops significantly

ELIZA BAVIN  |  THURSDAY, 26 NOV 2020
The abundance of serious financial crime has dropped significantly from last year, according to AUSTRAC's Fintel Alliance operations report. In FY2018/19 15% of the group's operations were in relation to serious financial crime, with the FY2019/20 year ...

Westpac profits down on AUSTRAC fine

ANNABELLE DICKSON  |  MONDAY, 2 NOV 2020
... 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 for the bank is ...

Westpac settles two class actions

KARREN VERGARA  |  FRIDAY, 30 OCT 2020
... filed by Rosen Law Firm relating to its failure to monitor financial crime and anti-money laundering under the eyes of AUSTRAC on October 29. The law firm filed the class action in January this year at the US District Court for Oregon on behalf of investors ...

Westpac extends chief executive's contract

ANNABELLE DICKSON  |  FRIDAY, 30 OCT 2020
... unchanged. Chair John McFarlane said King has made significant contributions to the bank through the pandemic and the AUSTRAC matter. "His strategy reset is already driving fundamental change to how the company operates with clearer accountability, faster ...

ANZ flags earnings hit

ANNABELLE DICKSON  |  WEDNESDAY, 28 OCT 2020
ANZ has announced a $528 million impact on its cash profit as a result of remediation costs, accelerated software costs and goodwill write off. Following a product review across ANZ, remediation charges have been increased $97 million from the first ...

Westpac hit with $1.2bn of losses

KARREN VERGARA  |  MONDAY, 26 OCT 2020
Westpac will be hit with $1.2 billion worth of losses mostly driven by its life insurance business and AUSTRAC penalties. The bank flagged the massive loss ahead of releasing its full year 2020 results on November 2. Goodwill and intangibles associated ...

Westpac consolidates international operations

JAMIE WILLIAMSON  |  WEDNESDAY, 14 OCT 2020
... among the biggest fines paid by global banks so far this year. The $1.3 billion it paid over its record-breaking deal with AUSTRAC places it just behind Goldman Sachs and Wells Fargo. Goldman Sachs paid $5.5 billion for its involvement in the 1MDB corruption ...

Westpac puts Australia on bad banking leaderboard

ELIZA BAVIN  |  WEDNESDAY, 14 OCT 2020
... banks have paid out around US$10.5 billion in fines so far this year, with Westpac taking out third place thanks to the AUSTRAC scandal. The research, provided by Finbold, listed the top 10 biggest fines paid by global banks with US institutions taking ...

State Street targets insurance outsourcing

KARREN VERGARA  |  TUESDAY, 13 OCT 2020
... services." Locally, State Street has 10.7% of the $3.75 trillion custodian market. It was recently fined $1.25 million by AUSTRAC for allegedly breaching 99 times its obligation to report international transfers to the agency under Anti-Money Laundering ...

AUSTRAC releases guidance on wildlife trafficking

ALLY SELBY  |  MONDAY, 12 OCT 2020
AUSTRAC private-public initiative the Fintel Alliance has released a financial crime guide to combat Australia's illegal wildlife trafficking industry. The guide, developed in partnership with the Department of Agriculture, Water and Environment, draws ...