Tag: Westpac

Australian bank Westpac has been fined $40m after it was founded to have charged fees to over 11,800 deceased individuals.

The total volume of fines levied against firms for breaking money laundering, data privacy, MiFID and know your customer rules jumped by 141% and amounted to $10.4bn in total so far this year.

The trials of the coronavirus pandemic and the $910m fine for breaking Australia's money laundering laws have caused a 66% drop in Westpac's profits.

From working at his dinner table to being named a leader of Australia’s RegTech industry, Anthony Quinn has come a long way since launching Arctic Intelligence in 2015.

One of the four biggest Australian banks is facing some huge challenges. Not only is Westpac accused of having breached anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, but it is now also dealing with a smattering of lawsuits.

Drugs, guns and $5m in laundered money are some of the key ingredients in a series of arrests made by Australian authorities to break up a criminal network.

Men run the Australian RegTech industry. A whooping 67% of the companies only have male leaders, according to new research from the Australian RegTech Association.

Westpac has appointed Promontory has been appointed to conduct the external accountability and financial crime program review, following the bank’s numerous money laundering accusations.

Australian bank Westpac will see its CEO Brian Hartzer step down next week as the lender is facing money laundering and terrorism financing allegations.

One of Australia’s biggest banks could be facing massive fines after the country’s top financial accused it of breaking the law 23 million times.