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Showing 61 - 70 of 156 results for "AUSTRAC"

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 ...

ASX director retires

ALLY SELBY  |  WEDNESDAY, 30 SEP 2020
A non-executive director has departed the ASX after more than 14 years of service, having joined the board in 2006 following its merger with the Sydney Futures Exchange. Announcing Peter Warne's retirement during the exchange's annual general ...

Westpac reaches $1.3bn AUSTRAC deal

ELIZA BAVIN  |  THURSDAY, 24 SEP 2020
... 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 in an amended statement of claim. These new contraventions ...

State Street cops $1.25m fine from AUSTRAC

KANIKA SOOD  |  WEDNESDAY, 16 SEP 2020
State Street was handed a $1.25 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 ...

ASIC drops CBA investigation

ALLY SELBY  |  THURSDAY, 27 AUG 2020
... 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 concluded its investigation into the bank and would ...

AFP charges early release scammers

ELIZABETH MCARTHUR  |  MONDAY, 10 AUG 2020
... for criminals." The ATO is leading the Serious Financial Crime Taskforce (SFCT) in partnership with the AFP along with AUSTRAC, ASIC, Border Force, the Department of Home Affairs, the Attorney-General's Department and the Australian Criminal Intelligence ...