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Search ResultsShowing 1 - 10 of 100+ results for "AUSTRAC"
Australian banks among most fined
ELIZABETH MCARTHUR  |  TUESDAY, 12 JAN 2021
... US$981 million. That figure was mostly made up of Westpac's record $1.3 billion (US$910 million) fine, handed down after an AUSTRAC investigation found the bank had breached anti-money laundering and counter-terrorism financing law. The other two Australian ...
APRA hands down self-assessment report
KARREN VERGARA  |  MONDAY, 21 DEC 2020
... frameworks. In 2020, APRA's KPIs were reviewed to ensure they were aligned to its regulatory counterparts such as ASIC and AUSTRAC. "The review resulted in a streamlined set of measures intended to improve accountability, adopt better practice and reduce ...
Westpac enters into court enforceable undertaking
ANNABELLE DICKSON  |  THURSDAY, 3 DEC 2020
Following the Australian Prudential Regulation Authority's (APRA) review into Westpac's risk governance, both parties have agreed to a court enforceable undertaking (CEU). The CEU requires Westpac to develop an integrated plan that incorporates ...
APRA takes action against Westpac
JAMIE WILLIAMSON  |  TUESDAY, 1 DEC 2020
The prudential regulator has launched action against Westpac over material breaches of liquidity standards. The breaches, which were identified during 2019 and 2020, relate to the incorrect treatment of specific funding and loan products for the purposes ...
Serious financial crime drops significantly
ELIZA BAVIN  |  THURSDAY, 26 NOV 2020
The abundance of serious financial crime has dropped significantly from last year, according to AUSTRAC's Fintel Alliance operations report. In FY2018/19 15% of the group's operations were in relation to serious financial crime, with the FY2019/20 year ...
Westpac profits down on AUSTRAC fine
ANNABELLE DICKSON  |  MONDAY, 2 NOV 2020
... cash earnings tumbled 62% to $2.6 billion, which the bank says is attributable to the $1.3 billion penalty to settle the AUSTRAC proceedings. Westpac Group chief executive Peter King noted the year has been challenging and the result for the bank is ...
Westpac settles two class actions
KARREN VERGARA  |  FRIDAY, 30 OCT 2020
... filed by Rosen Law Firm relating to its failure to monitor financial crime and anti-money laundering under the eyes of AUSTRAC on October 29. The law firm filed the class action in January this year at the US District Court for Oregon on behalf of investors ...
Westpac extends chief executive's contract
ANNABELLE DICKSON  |  FRIDAY, 30 OCT 2020
... unchanged. Chair John McFarlane said King has made significant contributions to the bank through the pandemic and the AUSTRAC matter. "His strategy reset is already driving fundamental change to how the company operates with clearer accountability, faster ...
ANZ flags earnings hit
ANNABELLE DICKSON  |  WEDNESDAY, 28 OCT 2020
ANZ has announced a $528 million impact on its cash profit as a result of remediation costs, accelerated software costs and goodwill write off. Following a product review across ANZ, remediation charges have been increased $97 million from the first ...
Westpac hit with $1.2bn of losses
KARREN VERGARA  |  MONDAY, 26 OCT 2020
Westpac will be hit with $1.2 billion worth of losses mostly driven by its life insurance business and AUSTRAC penalties. The bank flagged the massive loss ahead of releasing its full year 2020 results on November 2. Goodwill and intangibles associated ...
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