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

Search Results

Showing 41 - 50 of 145 results for %22Anti Money Laundering%22

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
... losses ahead of 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 ...

Westpac hit with $1.2bn of losses

KARREN VERGARA  |  MONDAY, 26 OCT 2020
... auto finance 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 ...

Westpac puts Australia on bad banking leaderboard

ELIZA BAVIN  |  WEDNESDAY, 14 OCT 2020
... in at number 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 ...

State Street targets insurance outsourcing

KARREN VERGARA  |  TUESDAY, 13 OCT 2020
... million by AUSTRAC for allegedly breaching 99 times its obligation to report international transfers to the agency under Anti-Money Laundering and Counter-Terrorism Financing laws.

Crypto exchange owners charged

KARREN VERGARA  |  THURSDAY, 8 OCT 2020
The founders of derivatives cryptocurrency exchange BitMEX are facing criminal charges for allegedly violating anti-money laundering laws and basic compliance procedures. The Commodity Futures Trading Commission (CFTC) has charged co-founders Arthur ...

Westpac reaches $1.3bn AUSTRAC deal

ELIZA BAVIN  |  THURSDAY, 24 SEP 2020
Westpac has agreed to pay a civil penalty of $1.3 billion in relation to its contraventions of the anti-money laundering and counter terrorism laws. As part of the agreement with AUSTRAC, Westpac has admitted to additional contraventions that were outlined ...

State Street cops $1.25m fine from AUSTRAC

KANIKA SOOD  |  WEDNESDAY, 16 SEP 2020
... million fine by AUSTRAC for allegedly breaching 99 times its obligation to report international 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 ...

ASIC drops CBA investigation

ALLY SELBY  |  THURSDAY, 27 AUG 2020
... had complied with the Corporations Act had also been dropped. In August 2017, AUSTRAC alleged the bank had contravened the Anti-Money Laundering and Counter Terrorism Financing Act 2006 more than 53,000 times, after it failed to report cash transactions ...

Regulatory, legal exam questions trip up advisers

ELIZABETH MCARTHUR  |  MONDAY, 3 AUG 2020
... exam's testing of advice documentation requirements, the difference between personal and general advice, the Privacy Act and Anti-money Laundering Act were among the areas where advisers were most likely to underperform. Understanding the application ...