All posts tagged "Westpac"
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1.0KAML / KYCTechnology to Drive Regulatory Agenda in 2020: Thomson Reuters
Technology has displaced the 2008 financial crisis as the main issue driving the international regulatory agenda, says a new report from Thomson Reuters.
January 9, 2020 -
367AML / KYCWestpac Faces Shareholder Class Action for Possible Disclosure Failures
The class action, filed by law firm Phi Finney McDonald, will rest on whether Westpac breached disclosure obligations or misled investors about the extent of its AML compliance failures.
December 23, 2019 -
304Australia & NZ
Westpac Ordered to Pay A$9.15m Penalty for Poor Advice
In addition to the A$9.15 million penalty, Westpac is required to pay ASIC’s legal costs, and A$12.7 million in compensation to clients that received bad advice from one of the bank's adviser.
December 20, 2019 -
447AML / KYCBSP Probes Ten Banks Linked to Westpac AML Violations
The banks received funds for their clients through the Bank of the Philippine Islands, which was the local partner of the Westpac money transfer service known as LitePay.
December 20, 2019 -
316Australia & NZANZ Announces New Remediation Costs to ‘Fix’ 3.4m Customer Accounts
At its AGM on Tuesday, ANZ announced an additional A$682mn charge for remediation work, where a total 3.4 million accounts "need fixing".
December 19, 2019 -
248AML / KYC
APRA Investigates Westpac, Imposes Capital Surcharge
APRA's investigation will focus on the conduct that led to Westpac's alleged 23 million AML breaches, and whether its senior managers breached the Banking Act, including the BEAR.
December 17, 2019 -
417Australia & NZASIC Offers Clarity on Responsible Lending Obligations
ASIC has clarified when a licensee might undertake more or less detailed inquiries and verification steps based on different consumer circumstances and the type of credit being sought.
December 10, 2019 -
392Australia & NZRBNZ Final Capital Rules Require Banks to Raise NZ$20bn
New Zealand's big four banks will have to increase capital to 18% of RWAs, and smaller banks to 16% of RWAs. Seven years will be given to implement the changes.
December 6, 2019 -
795AML / KYC
Citi Sent 99pc of Westpac Transfers That Breached AUSTRAC Requirements
Citi is not under investigation, though AUSTRAC has criticised the bank for not providing sufficient information about the payments and the source of funds.
December 4, 2019 -
334AML / KYC
ANZ Offers Assurances as Industry Faces AML Scrutiny
As the industry comes under fire for AML/CTF violations, ANZ Bank has issued a statement confirming it is reviewing its own systems and has not found any material issues to date.
November 28, 2019
