Westpac failed to report almost 8000 corporate transactions to overseas recipients between July 2018 and February 2019, the RBNZ said.
August 11, 2021Banks and regulators are unable to establish who receives the payments via UK-based platform OnlyFans, which acts as an intermediary for content makers.
May 28, 2021The effective use of technology to support onboarding and ensure effective information sharing has become even more important, the FATF says.
December 18, 2020AUSTRAC has developed an algorithm that enables Fintel Alliance to detect suspicious financial patterns while protecting the privacy of underlying reporting entities and personal data.
November 26, 2020This report will help VASPs, FIs, DNFBPs, and other reporting entities detect and report suspicious transactions, and national authorities detect criminal activity.
September 15, 2020June saw the restraint of NZ$140mn from alleged money launderer Alexander Vinnik and the seizure of over 30 high-end cars from outlaw motorcycle gangs.
August 12, 2020Separately, APRA has delegated enforcement powers to ASIC, allowing it to seek fines or banning orders if Westpac is found to have breached banking laws.
June 18, 2020AUSTRAC has requested information from Westpac on additional child exploitation cases the bank detected in its lookback, potentially to use in penalty negotiations.
June 14, 2020