Australia’s Westpac admits to breaches of money-laundering laws
15th May 2020
Australia’s Westpac admits to breaches of money-laundering laws
Australia’s Westpac Banking Corp (WBC.AX) said in a defence filing in Federal Court on Friday it was admitting to a number of failures in a case where it has been accused of 23 million breaches of anti-money laundering and counter-terrorism laws. The country’s second largest bank admitted it had… Read More
Australia’s foreign investment laws leave water open to money laundering
12th May 2020
Australia’s foreign investment laws leave water open to money laundering
Water licences could be used by international organisation to launder money under the nation’s current foreign investment laws. Unlike other commodities, large foreign purchases of water are not referred to the Foreign Investment Review Board (FIRB). Murray Darling Basin interim inspector general Mick Keetly believes water has been “overlooked” in… Read More
Westpac Internal Probes Identify More AML Breaches, FATCA Lapses
5th May 2020
Westpac Internal Probes Identify More AML Breaches, FATCA Lapses
Westpac has disclosed in its latest financial accounts that its internal investigations have revealed thousands more potential AML breaches, on top of the 23 million breaches alleged by AUSTRAC last November. Last month, Westpac said it expects to pay a AUD 900 million (USD 580 million) penalty over AUSTRAC’s allegations,… Read More
ClubsNSW sues its former employee who blew the whistle on pokies money laundering
23rd April 2020
ClubsNSW sues its former employee who blew the whistle on pokies money laundering
Troy Stolz, the whistleblower who exposed a widespread lack of anti-money laundering compliance around poker machines in registered clubs, is being sued by ClubsNSW. Mr Stolz is accused of giving a confidential ClubsNSW board paper to Independent MP Andrew Wilkie. That paper, written in May 2019, outlined ClubsNSW’s own concerns… Read More
‘Ridiculously dodgy’ Australian lawyer Michael Croke found guilty
21st April 2020
‘Ridiculously dodgy’ Australian lawyer Michael Croke found guilty
“He’s just dodgy. He’s just ridiculously dodgy,” personal trainer Sean Carolan was heard saying of his criminal lawyer Michael Croke on an expletive-laden phone tap. A jury appears to have concurred with this assessment, as on Monday the Kings Cross lawyer was found guilty of all six counts including perverting… Read More
Remote work stymies ASIC’s bank spies
17th April 2020
Remote work stymies ASIC’s bank spies
Spies from the The Australian Securities and Investments Commission have been hobbled by the coronavirus, as remote working has made observing bankers at close quarters impossible. The corporate cop announced earlier this week it had put its flagship program of embedding agents inside the banks on ice as the COVID-19… Read More
Bitcoin entrepreneur whose wife went missing faces money laundering probe
17th April 2020
Bitcoin entrepreneur whose wife went missing faces money laundering probe
A bitcoin entrepreneur whose wife disappeared in mysterious circumstances is facing five years in jail, accused by the Australian Federal Police of swindling people of their life savings. John Louis Anthony Bigatton is being investigated for money laundering during his time as Australian director of Bitconnect, a failed cryptocurrency trading… Read More
Westpac expects $900 million penalty for breaching money laundering laws
15th April 2020
Westpac expects $900 million penalty for breaching money laundering laws
Westpac has revealed it will suffer a massive $1.4 billion hit to its first-half earnings. In a statement, Australia’s second-largest bank said the bulk of these “increased provisions” and write-downs related to the AUSTRAC money laundering scandal. The bank estimated that it might receive a $900 million fine for… Read More
Three Australian banks at centre of PNG money laundering probe
14th April 2020
Three Australian banks at centre of PNG money laundering probe
A Brisbane house and three Australian banks are now at the centre of a money laundering probe into a $US10.3 million payment made by the ASX-listed Horizon Oil to a company linked to a senior minister in Papua New Guinea. The Australian Financial Review has been told Westpac… Read More
Global bank HSBC owns up to potential anti-money laundering law breaches
9th April 2020
Global bank HSBC owns up to potential anti-money laundering law breaches
Global banking giant HSBC has quietly outed itself to Australia’s financial crime agency for potential breaches of anti-money laundering laws by failing to report transfers to foreign banks and institutions. The disclosure by HSBC’s Australian arm makes it the latest bank embroiled in money laundering scandals after Westpac was implicated… Read More
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