All posts tagged "Westpac"
-
457Australia & NZAustralia Prepares to Abolish Responsible Lending Obligations
Lenders will no longer have to assess borrowers' earnings and expenses to determine whether they can afford to repay their debt without hardship.
September 28, 2020 -
729AML / KYCWestpac, AUSTRAC Agree A$1.3bn Penalty for AML Breaches
If the Federal Court of Australia determines the penalty is appropriate, it will represent the largest ever civil penalty in Australian history.
September 24, 2020 -
44AML / KYC
Westpac, AUSTRAC Close to Settlement Over AML Breaches
The 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, 2020 -
618AML / KYCAustralian Banks Flagged in SARs from FinCEN Files
Among the potentially suspicious transactions were more than $174mn of possibly illicit funds that flowed through Australian banks.
September 22, 2020 -
1.0KAustralia & NZAustralian Banks Expand Use of Blockchain For Bank Guarantees
ANZ, 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 -
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 -
574Australia & NZWestpac to ‘Proactively’ Switch Merchants to Least Cost Routing
The RBA has signalled it was considering taking regulatory action to force banks to move faster in moving merchants from Mastercard and Visa to lower cost networks.
August 6, 2020 -
589AML / KYCWestpac Issues Update on Threshold Transaction Reporting Issues
Westpac says it failed to report about 175,000 transactions to AUSTRAC as required, and may have filed 365,000 TTRs incorrectly.
July 29, 2020 -
990AML / KYCAustralian Police Bust Tax Fraud Syndicate in ‘Coordinated Strike’
The syndicate's ringleader is alleged to have enlisted financial industry experts and former bankers to operate and facilitate the A$17mn tax fraud.
July 24, 2020 -
706Australia & NZAPRA Signals Intent to Ease Bank Dividend Restrictions
APRA will modify its capital management guidance next week to account for a 'longer-term outlook', chairman Wayne Byres said.
July 23, 2020
