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Showing 41 - 50 of 175 results for "Money laundering"

Technology a tool not a threat: Avaloq

ANNABELLE DICKSON  |  THURSDAY, 17 DEC 2020
... accordingly. One of the most time-consuming tasks for the middle office is the increase in regulation such as anti-money laundering. Respondents noted this has led to having less time to do things to a higher standard. Back office professionals believe ...

ASIC takes iSignthis to court

ANNABELLE DICKSON  |  TUESDAY, 8 DEC 2020
... relationship in April 2020, to which VISA said "iSignthis is not operating appropriate programs to manage anti-money laundering and risk." ASIC is seeking declarations and pecuniary penalties against iSignthis and Karantzis and seeking orders that Karantzis ...

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 ...

APRA takes action against Westpac

JAMIE WILLIAMSON  |  TUESDAY, 1 DEC 2020
... governance is ongoing. Commenced in December 2019, the review came on the back of AUSTRAC's allegations of money laundering. At the time, Westpac was forced to apply an additional $1 billion of capital - an add-on that remains in place.

Vatican shakes up financial management

ELIZABETH MCARTHUR  |  MONDAY, 16 NOV 2020
... made with Catholic Church money. Gianluigi Torzi is accused of extortion, embezzlement, aggravated fraud and money laundering in relation to the deal and is being held in the Vatican. Police raided the Secretariat of State's office as part of the investigation. ...

Westpac profits down on AUSTRAC fine

ANNABELLE DICKSON  |  MONDAY, 2 NOV 2020
... full year result with statutory profit down a staggering 66% as a result of the ongoing pandemic and its anti-money laundering fine. Statutory profit decreased $4.94 billion to$2.29 billion while cash earnings tumbled 62% to $2.6 billion, which the bank ...

Westpac settles two class actions

KARREN VERGARA  |  FRIDAY, 30 OCT 2020
Westpac has agreed to settle two separate class actions relating to anti-money laundering breaches and rate rigging initiated in the US for undisclosed amounts. The bank settled the action filed by Rosen Law Firm relating to its failure to monitor financial ...

ANZ flags earnings hit

ANNABELLE DICKSON  |  WEDNESDAY, 28 OCT 2020
... their full year results. Westpac flagged $1.2 billion of costs with $415 million after tax going towards anti-money laundering and counter-terrorism financing failures it owes in penalties and AUSTRAC's legal costs It also wrote down goodwill and ...

Westpac hit with $1.2bn of losses

KARREN VERGARA  |  MONDAY, 26 OCT 2020
... business and software write downs totalled $568 million after tax. Westpac increased its liabilities related to anti-money laundering and counter-terrorism financing failures it owes in penalties and AUSTRAC's legal costs from $404 million to $415 million ...

Westpac puts Australia on bad banking leaderboard

ELIZA BAVIN  |  WEDNESDAY, 14 OCT 2020
... three after reaching the record breaking deal with AUSTRAC following 23 million breaches of the nation's anti-money laundering laws. Goldman Sachs was number one, having paid US$3.97 billion in relation to settlement charges in Malaysia against the ...