All posts tagged "Remediation"
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1.2KAustralia & NZASIC: Financial Advice-related Compensation Tops A$1bn
NAB accounts for about two-thirds of the total number of customers that received or were offered compensation as a result of fees-for-no-service misconduct or non-compliant advice.
August 25, 2020 -
1.4KAsia-PacificAPAC Firms Lag in IBOR Transition Preparation – Report
Apart from G-SIBs operation in the region, APAC firms are not prepared for the transition away from IBORs, according to a new report from Sia Partners.
August 5, 2020 -
552AML / KYCWestpac Unveils Change Programme to Fix Risk Culture
Westpac says aspects of its nonfinancial risk culture are “immature and reactive”, and that the bank is “overly complex”, resulting in unclear accountabilities and challenges in execution.
July 20, 2020 -
452Australia & NZAustralia: Banks Work Towards Swift Resolution of Advice Failures
Larger than required remediation payments could be fast-tracked for all clients by forgoing the years of work needed to locate advice files and calculate individual payments.
June 22, 2020 -
459Australia & NZNew Zealand FMA Files High Court Proceedings Against ANZ
ANZ issued over 300 duplicate credit card repayment insurance policies, charging double premiums for no additional cover, and failed to cancel policies for over 400 ineligible customers.
June 8, 2020 -
1.0KAML / KYCWestpac Concludes Internal Probe into AML/CTF Failures
Westpac 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, 2020 -
1.4KAML / KYC
Westpac Removes EY as Auditor for Upcoming Risk Review – Report
EY's 2017 review of Westpac highlighted poor data quality, outdated infrastructure, incompatible systems, capacity issues, manual workarounds and historical underinvestment.
May 21, 2020 -
357Australia & NZASIC Secures Remediation for Junk Insurance Sales by Banks
ASIC has secured A$160mn in remediation for consumers and plans to take enforcement action against lenders who sold junk consumer credit insurance products.
May 14, 2020 -
2.4KAML / KYC
Westpac Internal Probes Identify More AML Breaches
Westpac 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, 2020 -
442Australia & NZAustralia: SocGen Securities Unit Charged for Client Money Rule Breaches
Societe Generale Securities Australia self-reported three matters over 2017 and 2018, and has completed all remediation actions in relation to its operational set-up.
March 19, 2020
