Australian Military Bank is required to conduct a risk assessment, and then work to improve its KYC, transaction monitoring, EDD, and reporting systems.
May 6, 2021The regulatory gives cover governance, risk assessments, customer due diligence, IFTIs reporting, and correspondent banking relationships.
March 31, 2021If the Federal Court of Australia determines the penalty is appropriate, it will represent the largest ever civil penalty in Australian history.
September 24, 2020State Street Bank and Trust failed to report IFTIs on 99 occasions. There is no suggestion that the transactions were suspicious or that there were CDD deficiencies.
September 17, 2020Westpac said its IFTI non-reporting was due to a mix of technology and human errors dating back to 2009. Governance failures and unclear compliance accountabilities were also identified.
June 5, 2020EY's 2017 review of Westpac highlighted poor data quality, outdated infrastructure, incompatible systems, capacity issues, manual workarounds and historical underinvestment.
May 21, 2020While Westpac made a number of admissions regarding AUSTRAC's claims, the bank said the majority of its international money transfers were correctly reported.
May 16, 2020Westpac has identified an estimated 60,000 to 90,000 threshold transaction reports that were not reported to AUSTRAC, and potential problems with its FATCA and CRS compliance.
May 5, 2020Westpac is determined to urgently fix the issues raised by AUSTRAC and lift its standards. ASIC and APRA have begun investigations into the bank.
November 26, 2019According to AUSTRAC's statement of claim, each of the 23 million contraventions attracts a civil penalty between A$17mn and A$21mn.
November 20, 2019