Drawing from landmark penalties in 2020, FINTRAIL’s Payal Patel and Sara Abbasi identify key lessons to help financial institutions guard against financial crime.
January 20, 2021APAC has overtaken the US in terms of the value of enforcement actions for the first time since 2015, largely due to the Goldman and Westpac cases.
December 11, 2020The court enforceable undertaking requires Westpac to develop an integrated plan to address all major risk governance issues, covering both financial and non-financial risks.
December 3, 2020Westpac will have to apply a 10 percent add-on to the net cash outflow component of its LCR calculation until its shortcomings have been rectified.
December 1, 2020Euro Pacific Bank, founded in 2017 by Peter Schiff and Mark Anderson, is said to be used by up to 400 Australian nationals, about 100 of which are considered “high-risk”.
October 18, 2020Lenders will no longer have to assess borrowers' earnings and expenses to determine whether they can afford to repay their debt without hardship.
September 28, 2020If the Federal Court of Australia determines the penalty is appropriate, it will represent the largest ever civil penalty in Australian history.
September 24, 2020The final penalty amount, which could reach as high as A$1.5bn, is expected to be announced at a joint press conference in coming days.
September 24, 2020Among the potentially suspicious transactions were more than $174mn of possibly illicit funds that flowed through Australian banks.
September 22, 2020ANZ, CBA, Westpac, IBM and Scentre Group are opening up to early adopters a blockchain platform that in trials has reduced the issuance time for bank guarantees to just one day.
September 5, 2020