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Showing 61 - 70 of 203 results for "Money laundering"

Chester eyes ASIC chair role

KARREN VERGARA  |  FRIDAY, 19 MAR 2021
... effectiveness of ASIC, AUSTRAC and other government agencies such as the Australian Border Force in combating anti-money laundering (AML) activities given so many incidents slip through the cracks. She pointed to the $500 million cocaine drug cartel ...

APRA closes Westpac probe

ELIZA BAVIN  |  FRIDAY, 12 MAR 2021
... 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 to rectify and remediate the issues after ...

Westpac exec goes part-time

ANNABELLE DICKSON  |  TUESDAY, 9 MAR 2021
... recently besides the AUSTRAC matter where Westpac paid a civil penalty of $1.3 billion relating to breaches of anti-money laundering and counter terrorism laws. The bank also had its appeal dismissed by the High Court of Australia regarding two of its ...

Westpac best for ESG reporting in Australia: Report

ELIZABETH MCARTHUR  |  FRIDAY, 5 MAR 2021
... 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 two companies from outside of Europe to rank in the top 10 for ...

Channel Capital expands overseas

KANIKA SOOD  |  WEDNESDAY, 24 FEB 2021
... offshore financial centres. It will also ensure ongoing compliance with regulatory obligations including anti-money laundering and tax transparency, the firm said. Cook, who is an Australian, has been based in the Cayman Islands since 2005. He is a qualified ...

AFCA chair under fire

ELIZABETH MCARTHUR  |  THURSDAY, 18 FEB 2021
... knowing about his involvement in advocating for the maintenance of certain accounts when ANZ Bank alerted him to money laundering risks. The report found this "misplaced reliance" on Barton was not a flaw on Coonan's part. Coonan announced at the ...

Westpac prioritises risk management

KARREN VERGARA  |  WEDNESDAY, 17 FEB 2021
... longer taking further action after Westpac paid a civil penalty of $1.3 billion relating to breaches of anti-money laundering and counter terrorism laws, the bank flagged it is still strengthening its risk management around financial crime remediation. ...

Australian banks among most fined

ELIZABETH MCARTHUR  |  TUESDAY, 12 JAN 2021
... $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 bank fines in 2020 both went to National Australia Bank. One ...

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 ...