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Showing 71 - 80 of 156 results for "AUSTRAC"

Westpac discovers additional transaction irregularities

ALLY SELBY  |  TUESDAY, 28 JUL 2020
... has uncovered hundreds of thousands of additional transactions of $10,000 or more that are "incomplete or inaccurate" to AUSTRAC. After further investigation, the bank has discovered an additional 175,000 transactions that were not reported to AUSTRAC ...

Westpac found to be immature, reactive

ELIZA BAVIN  |  FRIDAY, 17 JUL 2020
... The bank first completed a self-assessed CGA back in 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 ...

APRA hands reins to ASIC in AUSTRAC case

ALLY SELBY  |  THURSDAY, 18 JUN 2020
... delegated some of its enforcement powers to the corporate watchdog, as the two agencies continue their investigations into AUSTRAC's allegations against Westpac. To limit any overlap, the prudential regulator will hand over responsibilities to investigate ...

38 staff punished over AUSTRAC scandal: Westpac

ELIZA BAVIN  |  THURSDAY, 4 JUN 2020
... has confirmed 38 staff copped a range of remuneration consequences as a result of the bank's investigations into the AUSTRAC scandal. In a statement, the bank confirmed it should have recognised the faults in its systems earlier. "The report noted ...

Westpac announces executive changes

ALLY SELBY  |  TUESDAY, 19 MAY 2020
... in the face of the COVID-19 pandemic. It comes as Westpac filed its defence in the Federal Court in relation to ongoing AUSTRAC proceedings. King said Vance would help the bank continue on its journey to improving its financial crime capabilities and ...

Westpac admits to failures

ELIZABETH MCARTHUR  |  MONDAY, 18 MAY 2020
On Friday, Westpac filed its defence in the Federal Court in relation to proceedings brought by AUSTRAC regarding alleged breaches of anti-money laundering and counter terrorism financing laws. "Westpac accepts the gravity of the issues raised by the ...

Trust in big four improves

ALLY SELBY  |  MONDAY, 11 MAY 2020
... repair reputational damage. "The Big 4 have been through the Royal Commission and Westpac having the financial watchdog AUSTRAC level 23 million allegations against it for breaches of money-laundering and counter-terrorism finance laws," chief executive ...

No change of mind for ERS

ELIZA BAVIN  |  THURSDAY, 7 MAY 2020
... regulatory action for any breach of the payment standards in the SIS Act or the SIS Regulations in relation to that payment." AUSTRAC has also confirmed that where there was a valid determination at the time of payment, the exemption from the requirement ...

Westpac to review business units

JAMIE WILLIAMSON  |  MONDAY, 4 MAY 2020
... billion, including $1.9 billion to account for the potential impact of COVID-19 and other costs associated with the ongoing AUSTRAC matter, for which it has provisioned $900 million for a possible penalty. As a result, Westpac has decided to defer its ...

Westpac AUSTRAC bill continues to grow

ELIZABETH MCARTHUR  |  TUESDAY, 14 APR 2020
Westpac today announced expected increased costs associated with AUSTRAC proceedings of $1.03 billion. On top of that, the bank has increased provisions for customer refunds, repayments and litigation by $260 million. It's also had to write down ...