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Search ResultsShowing 1 - 10 of 89 results for "AUSTRAC"
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 ...
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 ...
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