Tags Westpac

Tag: Westpac

Westpac hit with $40m fine for charging fees to the deceased

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

Firms paid $10.4bn in fines over the last year for breaking...

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.

Money laundering fine and Covid-19 cause 66% profit free fall for...

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.

How Arctic Intelligence went from being a side hustle to leading...

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.

Westpac hit with several lawsuits from securities buyers following reports about...

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.

Australian authorities arrest members of suspected Vietnamese criminal network over money...

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.

Australian RegTech companies are less male dominated than FinTech in general...

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 appoints Promontory to conduct review after its massive money laundering...

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.

Westpac’s chairman and CEO to step down amid AML scandal

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

Westpac accused of 23 million anti-money laundering and counter-terrorism breaches

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.

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