Markets

Westpac is expecting to fork out more than $1 billion as a result of its money laundering scandal. It would be the biggest corporate fine in Australian history.

Westpac has revealed it expects the ongoing AUSTRAC investigation will cost it $1.03 billion. The investigation alleges the bank violated anti-money laundering and counter-terrorism laws some 23 million times in just five years, allowing money tied to child exploitaiton to flow unfettered. This would be the largest fine in Australian […]
Westpac is expecting to fork out more than $1 billion as a result of its money laundering scandal. It would be the biggest corporate fine in Australian history.
News

Regulators say Westpac processed billions of dollars which may have been tied to child exploitation and did nothing to stop it for years

Westpac violated anti-money laundering and counter-terrorism laws more than 23 million times in just five years, it’s been alleged. Austrac, the entity in Australia charged with preventing financial crimes, is now pursuing Westpac through Federal Court for the breaches, which it suggests allowed child exploitation money to flow freely in […]
Regulators say Westpac processed billions of dollars which may have been tied to child exploitation and did nothing to stop it for years
Tech

Afterpay in hot water with Australia’s terrorism financing watchdog — just one day after trumpeting its US retail success

Payments platform Afterpay is in dialogue with AUSTRAC, Australia’s financial intelligence agency, over issues relating to compliance with anti-money laundering and counter-terrorism financing laws. The ‘buy now, pay later’ service pioneer says it hasn’t identified any money laundering or terrorism financing activity on its platform, but confirmed that AUSTRAC has […]
Afterpay in hot water with Australia’s terrorism financing watchdog — just one day after trumpeting its US retail success
Markets

NAB has identified weaknesses in its anti-money laundering systems

The NAB says it has for the last two years been strengthening its anti-money laundering systems. The bank is currently working on “a number of identified issues”. This includes “weaknesses” in the bank’s Anti-Money Laundering and Counter-Terrorist Financing program. The NAB is working with Australian regulators to close “weaknesses” in […]
NAB has identified weaknesses in its anti-money laundering systems
Markets

CBA chief Matt Comyn just walked away from $2.2 million in potential bonuses

Commonwealth Bank chief executive Matt Comyn has advised the company’s board that he will forego his short-term bonus this year. The announcement follows this morning’s release of a damning inquiry into CBA’s culture and practices by the banking regulator APRA, in the wake of multiple scandals at the bank. Comyn’s […]
CBA chief Matt Comyn just walked away from $2.2 million in potential bonuses
Markets

More money-laundering allegations have been filed against the Commonwealth Bank

AUSTRAC, the Government’s financial intelligence and regulatory body, has expanded its allegations of money laundering breaches against the Commonwealth Bank. Among them, instances as recent as August this year including a customer identified as allegedly raising funds to support terrorism. The Commonwealth in August was taken to the Federal Court […]
More money-laundering allegations have been filed against the Commonwealth Bank
Markets

AUSTRAC is expected to file fresh allegations against the CBA

AUSTRAC will up the ante in its case against the Commonwealth Bank of Australia, with the transactions regulator expecting to file fresh allegations on Thursday that it breached the law 100 additional times while facilitating banking by criminal syndicates involved in money laundering and terrorist financing. Commonwealth Bank filed its […]
AUSTRAC is expected to file fresh allegations against the CBA
Markets

The Commonwealth Bank Chair has apologised to shareholders

Catherine Livingstone, the chair of the Commonwealth Bank, today apologised to shareholders for the bank’s “deficient” oversight of anti-money laundering regulations. She was referring, at the bank’s AGM, to accusations the bank breached the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act over combined cash deposits of $624.7 million. The civil […]
The Commonwealth Bank Chair has apologised to shareholders
Markets

The CBA money laundering case has links to potential terrorism financing

The money laundering case against the Commonwealth Bank includes potential financing of terrorism, a federal parliamentary committee was told today. Peter Clark, acting CEO of AUSTRAC, the financial intelligence and regulatory agency, says the statement of claim against CBA has a small number of matters relating to terrorism financing. The […]
The CBA money laundering case has links to potential terrorism financing
Markets

CBA shares were crushed

Shares in the Commonwealth Bank fell hard today following court action against Australia’s biggest company over breaches of money laundering laws. At the close, the shares were down 3.8% to $80.72. The bank was the biggest drag on the local market. Without the ASX200 would have closed in positive territory. […]
CBA shares were crushed
Markets

CBA in court for breaching money laundering laws

The Commonwealth Bank of Australia has been taken to the Federal Court, with authorities claiming it breached the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act over combined cash deposits of $624.7 million. The civil proceedings follow an investigation by Australia’s financial intelligence and regulatory agency, AUSTRAC, into the use of […]
CBA in court for breaching money laundering laws