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Showing 51 - 60 of 175 results for "Money laundering"

State Street targets insurance outsourcing

KARREN VERGARA  |  TUESDAY, 13 OCT 2020
... 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
... 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 Hayes ...

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
... 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 who sends or ...

ASIC drops CBA investigation

ALLY SELBY  |  THURSDAY, 27 AUG 2020
... has announced the corporate watchdog will not be taking any action against the bank nor its directors over a money laundering and counter-terrorism scandal identified by AUSTRAC three years ago. In an ASX announcement, CBA told investors that ASIC had ...

Regulatory, legal exam questions trip up advisers

ELIZABETH MCARTHUR  |  MONDAY, 3 AUG 2020
... 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 of the FASEA Code ...

Westpac discovers additional transaction irregularities

ALLY SELBY  |  TUESDAY, 28 JUL 2020
Westpac's money laundering woes continue to worsen, with the bank today announcing it has uncovered hundreds of thousands of additional transactions of $10,000 or more that are "incomplete or inaccurate" to AUSTRAC. After further investigation, the ...

Westpac found to be immature, reactive

ELIZA BAVIN  |  FRIDAY, 17 JUL 2020
... November 2018, however decided to launch a reassessment following AUSTRAC's allegations the bank breached anti-money laundering and counter-terrorism laws over 23 million times. The controversy led to the former chief executive, Brian Hartzer, and chair ...

Financial institution charged over Epstein scandal

ELIZA BAVIN  |  THURSDAY, 9 JUL 2020
... correspondent and dollar clearing business. "Danske Estonia, which is at the center of one of the world's largest money laundering scandals, suffered from inherent control failures that resulted in large quantities of money being moved on behalf ...

AustralianSuper appoints head of financial crime

KANIKA SOOD  |  WEDNESDAY, 8 JUL 2020
... AustralianSuper's head of financial crime, security and resilience, Garcia will be responsible for compliance with anti-money laundering and counter-terrorism financing, preventing fraud and other financial crime. He will also work on business continuity ...