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Showing 71 - 80 of 176 results for "Money laundering"

Corrupt adviser banned, AFSL canned

ALLY SELBY  |  TUESDAY, 4 FEB 2020
... competence to provide the financial services covered by its licence." ASIC also found that Smart Solutions permitted money laundering and allowed some of its representatives to audit their own advice files. "It also provided false information in connection ...

Westpac facing new class action

ELIZA BAVIN  |  MONDAY, 3 FEB 2020
... terrorism financing regulator," Rosen Law alleges. "The company did not appropriately monitor and assess the ongoing money laundering and terrorism financing risks associated with movement of money into and out of Australia." The lawsuit also alleged ...

Banking sector losses continue

ELIZA BAVIN  |  THURSDAY, 23 JAN 2020
... 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, seems to have ...

Westpac appoints new chair

ELIZA BAVIN  |  THURSDAY, 23 JAN 2020
... 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 King appointed ...

Goldman Sachs $1b corruption bill

ELIZA BAVIN  |  THURSDAY, 16 JAN 2020
... causing a 22% decline in earnings. The 1MDB scandal has been ongoing since 2016, with claims of embezzlement and money laundering with the bank under scrutiny for its role in raising money for the Malaysian government owned investment fund that was allegedly ...

ANZ overcharges 3.4 million customers

ALLY SELBY  |  THURSDAY, 19 DEC 2019
... its systems used to transfer money amid the controversy plaguing the banking sector thanks to Westpac's alleged money laundering breaches. "There has also been considerable shareholder interest in the role banks play in the prevention of financial crime," ...

Westpac served class action

JAMIE WILLIAMSON  |  WEDNESDAY, 18 DEC 2019
... 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 this month with ...

APRA joins in on Westpac scrutiny

ELIZA BAVIN  |  TUESDAY, 17 DEC 2019
... 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 issues after ...

Westpac directors slammed

ALLY SELBY  |  THURSDAY, 12 DEC 2019
... 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 sector. Medd ...

Regulators circle as scandal engulfs Westpac

ALLY SELBY  |  WEDNESDAY, 4 DEC 2019
... (BEAR) against the besieged bank. It comes nearly two weeks after AUSTRAC's explosive exposure of 23 million money laundering breaches by Westpac's international money transfer product LitePay, some relating to financing child exploitation in ...