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

Search Results

Showing 41 - 50 of 153 results for "AUSTRAC"

Former Westpac chief executive in new role

KANIKA SOOD  |  TUESDAY, 11 MAY 2021
... clients, and we look forward to working with him." Hartzer departure from Westpac was announced in November 2019, after AUSTRAC alleged Westpac was involved in "systematic" non-compliance with the Anti Money Laundering and Counter Terrorism Act 2006 ...

Westpac profit climbs, executive leaves

ANNABELLE DICKSON  |  MONDAY, 3 MAY 2021
... The bank also noted that its plan in its 'Fix' strategy to strengthen risk governance is underway following the AUSTRAC scandal and also orders from APRA. As a result, Westpac has doubled its financial crime operations team and added 100 roles ...

Brian Hartzer to release leadership book

ELIZABETH MCARTHUR  |  TUESDAY, 23 MAR 2021
... for the book, he said he learnt the engagement lessons through trial and error. Hartzer resigned from Westpac after an AUSTRAC investigation found that the bank had failed to comply with anti-money laundering and counter-terrorism laws. "Because of the ...

Chester eyes ASIC chair role

KARREN VERGARA  |  FRIDAY, 19 MAR 2021
... was part of a panel tasked with inquiring into the activities of regulators. O'Neill also referred to reports that AUSTRAC chief executive Nicole Rose is being considered for the role. In October 2020, Chester took on the role of chair in an acting ...

APRA closes Westpac probe

ELIZA BAVIN  |  FRIDAY, 12 MAR 2021
... Accountability Regime (BEAR), by Westpac. APRA launched the investigation into Westpac last year following allegations by AUSTRAC that Westpac had breached anti-money laundering and counter-terrorism laws. APRA's investigation examined the bank's actions ...

Westpac exec goes part-time

ANNABELLE DICKSON  |  TUESDAY, 9 MAR 2021
... company through various legal and regulatory challenges, including BBSW, responsible lending, the Royal Commission and AUSTRAC," King said. "Importantly, she has been an invaluable member of our executive team and I have greatly benefited from her counsel ...

Westpac best for ESG reporting in Australia: Report

ELIZABETH MCARTHUR  |  FRIDAY, 5 MAR 2021
... Monitor (GEM) study. The positive ESG result for the bank may be surprising given Westpac was fined $1.3 billion after an AUSTRAC investigation found it had breached anti-money laundering and counter-terrorism financing laws. Westpac was one of only ...

Westpac prioritises risk management

KARREN VERGARA  |  WEDNESDAY, 17 FEB 2021
... customers it has wronged during the first quarter ending December 2020, as announced in a trading update this morning. As the AUSTRAC matter concludes and ASIC is no longer taking further action after Westpac paid a civil penalty of $1.3 billion relating ...

Australian banks among most fined

ELIZABETH MCARTHUR  |  TUESDAY, 12 JAN 2021
... US$981 million. That figure was mostly made up of Westpac's record $1.3 billion (US$910 million) fine, handed down after an AUSTRAC investigation found the bank had breached anti-money laundering and counter-terrorism financing law. The other two Australian ...

APRA hands down self-assessment report

KARREN VERGARA  |  MONDAY, 21 DEC 2020
... frameworks. In 2020, APRA's KPIs were reviewed to ensure they were aligned to its regulatory counterparts such as ASIC and AUSTRAC. "The review resulted in a streamlined set of measures intended to improve accountability, adopt better practice and reduce ...