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Showing 61 - 70 of 145 results for %22Anti Money Laundering%22

Westpac forks out $80m for AUSTRAC scandal

ELIZA BAVIN  |  THURSDAY, 20 FEB 2020
... applied to the Federal Court seeking civil penalty order against Westpac relating to "systematic" non-compliance with the Anti-Money Laundering and Counter Terrorism Act on over 23 million occasions. The bank said in response it has established a board ...

Corrupt adviser banned, AFSL canned

ALLY SELBY  |  TUESDAY, 4 FEB 2020
... allowed some of its representatives to audit their own advice files. "It also provided false information in connection with the anti-money laundering customer verification requirements because it allowed its authorised representatives to falsely declare ...

Westpac facing new class action

ELIZA BAVIN  |  MONDAY, 3 FEB 2020
... the company failed to report over 19.5 million international funds transfer instructions to AUSTRAC, Australia's anti money-laundering and terrorism financing regulator," Rosen Law alleges. "The company did not appropriately monitor and assess the ...

Banking sector losses continue

ELIZA BAVIN  |  THURSDAY, 23 JAN 2020
... to rebuild its reputation, following the Royal Commission scandal, the brand has been plagued with millions of breaches of anti-money laundering laws, further hindering its reputation," the report said. The nation's largest lender, Commonwealth Bank ...

Westpac appoints new chair

ELIZA BAVIN  |  THURSDAY, 23 JAN 2020
... said. The appointment comes after AUSTRAC launched legal proceedings against the bank, alleged 23 million breaches of the anti-money laundering and anti-terrorism laws. The scandal led to the former chief executive Brian Hartzer stepping down and Peter ...

Westpac served class action

JAMIE WILLIAMSON  |  WEDNESDAY, 18 DEC 2019
... AUSTRAC applied to the Federal Court of Australia for civil penalty orders against Westpac over systemic non-compliance with anti-money laundering and counter-terrorism laws totaling 23 million contraventions. A case management hearing was held earlier ...

APRA joins in on Westpac scrutiny

ELIZA BAVIN  |  TUESDAY, 17 DEC 2019
... on the conduct that led to AUSTRAC launching its criminal charges against the bank over an alleged 23 million breaches of anti-money laundering and counter terrorism laws. APRA said it will also focus on the bank's actions to rectify and remediate the ...

Westpac directors slammed

ALLY SELBY  |  THURSDAY, 12 DEC 2019
... Nerida Caesar and Peter Marriott at Westpac's annual meeting. It comes amid the fallout from Westpac's alleged 23 million anti-money laundering breaches (some related to financing child exploitation), causing chaos inside the bank and Australia's financial ...

Industry fund for coal miners on ESG journey

ELIZABETH MCARTHUR  |  MONDAY, 2 DEC 2019
... following the Royal Commission. The question prompted the panel to discuss AUSTRAC's recent claim that Westpac breached anti-money laundering laws 23 million times. Thomas explained it was particularly disappointing for her and her clients, as Westpac ...

ASIC launches investigation into Westpac

ELIZABETH MCARTHUR  |  TUESDAY, 26 NOV 2019
... Federal Court seeking civil penalty orders against Westpac relating to "systematic" non-compliance with the Anti Money Laundering and Counter Terrorism Act 2006 on over 23 million occasions. The bank said in a statement: "We are determined to urgently ...