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Search ResultsShowing 1 - 10 of 82 results for "AUSTRAC"
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
... 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 that ...
Westpac announces executive changes
ALLY SELBY  |  TUESDAY, 19 MAY 2020
... 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 management. ...
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 ...
Westpac names new chief executive
JAMIE WILLIAMSON  |  THURSDAY, 2 APR 2020
... variable rewards are cancelled for 2020 in recognition of collective accountability for the financial crimes that led to the AUSTRAC action last year.
Westpac hit with another class action
ELIZA BAVIN  |  FRIDAY, 13 MAR 2020
Westpac confirmed it has been hit with another class action relating to the AUSTRAC scandal. The class action, brought by Johnson Winter & Slattery, has been filed on behalf of certain shareholders who acquired interest in Westpac securities or equity ...
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