All posts tagged "Westpac"
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74Australia & NZCBA Faces Criminal Charges Over Consumer Credit Insurance Sales
Commonwealth Bank plans to plead guilty to making false or misleading representations to customers about insurance policies.
September 17, 2021 -
182AML / KYCAUSTRAC Releases Banking Sector Risk Assessments
The big four represent the highest risk due to the scale of retail products and services they offer, particularly those that facilitate cash transactions and rapid funds transfers.
September 8, 2021 -
139Australia & NZAustralian Banks to Complete First CVA Analysis by Year-End
APRA has released a new paper describing the Climate Vulnerability Assessment now underway at Australia's five largest banks.
September 6, 2021 -
110Australia & NZWestpac Subsidiaries Fined for Breaching Best Interests Duty
Westpac Securities Administration and BT Funds Management were fined for failing to act in their clients' best interests in a case that dates back to 2016.
August 26, 2021 -
344AML / KYCRBNZ Issues Formal Warning to Westpac for AML Failures
Westpac failed to report almost 8000 corporate transactions to overseas recipients between July 2018 and February 2019, the RBNZ said.
August 11, 2021 -
119Australia & NZASIC Issues Update on Compensation Paid for Non-compliant Advice
Australia’s 6 largest FIs have paid over A$1.86 billion to compensate customers for fees-for-no-service misconduct and non-compliant advice.
August 6, 2021 -
144Australia & NZWestpac Insider Trading Case May Not Be Heard Until 2023
A proposed February 2022 trial date will not be feasible as Westpac will have to be allowed sufficient time to review expert evidence.
August 2, 2021 -
86Australia & NZ
Australia: BT, Asgard Fined for Charging Fees for No Service
Westpac will pay A$3mn in civil penalties for BT Funds Management and Asgard Capital Management in proceedings commenced by ASIC in August 2020.
July 30, 2021 -
144Australia & NZAustralian Treasury Proposes to Lower Barriers to CDR Participation
Rule amendments include changes to reduce barriers to participate in open banking and increase participation in the CDR by data recipients and consumers.
July 7, 2021 -
169AML / KYC
Westpac Identifies Potential Fraud Involving Finance Company
Westpac is said to have provided lease financing to customers only to later discover that it had lent money against office equipment that may not have existed.
July 6, 2021
