All posts tagged "Westpac"
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151Australia & NZANZ, Westpac Face Class Actions Just Days After NAB Settlement
Law firm Slater and Gordon has launched class actions against ANZ and Westpac over the sale of consumer credit insurance products, on the heels of winning a near A$50m settlement with NAB.
November 22, 2019 -
235Australia & NZAPRA’s New Approach to Managing Non-Financial Risks
APRA has published a new information paper setting out a tougher approach to lifting standards of governance, culture, remuneration and accountability across the financial industry.
November 20, 2019 -
260AML / KYCAUSTRAC Commences Legal Action Against Westpac for AML Breaches
According 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 -
832AML / KYCAustralia Has an IFTI Problem
Australia’s approach to international payments needs to change, and reporting entities need to update their legacy systems for better reporting, say Eric Knight and Nick Armstrong.
November 8, 2019 -
388UncategorisedAPRA Proposes Banks Hold More Capital Against Large Subsidiaries
APRA proposes to increase the amount of capital banks need to hold to support investments in large subsidiaries, such as their New Zealand units.
October 18, 2019 -
589AML / KYC
Westpac Expected to Reveal New AML Provisions in Annual Report
The bank disclosed since last year that it could be fined for nine years of AML failures, but it has not yet had enough information to make provisions against the possible penalties.
October 9, 2019 -
299Australia & NZRBNZ to Issue Final Decisions on Bank Capital in December
RBNZ deputy governor Geoff Bascand says the central bank will review the amount of capital, what form it takes, and the allowed transition period before final decisions are made.
October 4, 2019 -
424Australia & NZASIC Issues Second Update on Response to Royal Commission
Of 105 investigations and court actions underway against financial institutions at the end of July, 86 related to the big four banks and AMP.
September 13, 2019 -
273Australia & NZ
ASIC to Appeal Westpac Responsible Lending Case Dismissal
ASIC says last month’s federal court’s ruling in favour of Westpac creates uncertainty as to what is required for a lender to comply with its loan assessment obligations.
September 11, 2019 -
385Australia & NZ
APRA, RBNZ Approaches to Bank Capital Incompatible
Citi banking analyst Brendan Sproules says APRA and the RBNZ "are pursuing radically contrasting approaches to bank sector capital adequacy".
September 10, 2019
