Westpac, Austrac argue over who’s to blame, delaying scandal settlement
10th December 2019
Westpac, Austrac argue over who’s to blame, delaying scandal settlement
A looming settlement between Westpac and the anti-money laundering regulator is being delayed by arguments between the bank and Austrac over whether responsibility for the child exploitation scandal rests with the company’s board and senior executives or its middle management, a court has heard. At the first case management hearing… Read More
What Westpac’s Woes Tell Us About AML Compliance
6th December 2019
What Westpac’s Woes Tell Us About AML Compliance
As the fallout from Westpac’s massive money-laundering scandal continues, compliance officers would be well advised to spend some time reviewing how the bank’s troubles began. For that, we can turn to AUSTRAC’s recent civil action against the lender alleging over 23-million breaches of domestic AML/CTF legislation, each carrying a maximum fine… Read More
More directors may leave Westpac as investigation seeks board accountability
28th November 2019
More directors may leave Westpac as investigation seeks board accountability
More directors may depart Westpac’s board following an investigation of the bank’s money laundering and child exploitation scandal by consulting firm Promontory. Westpac’s board will also set up a new financial crime committee, chairman Lindsay Maxsted said. Investor pressure following bombshell legal action launched by… Read More
Westpac removed compliance officer who reported breach
28th November 2019
Westpac removed compliance officer who reported breach
Westpac Banking Corp’s experienced anti-money laundering chief was told she didn’t have the skills for the job and would have to take a more junior role after informing the bank that it faced the largest fine in corporate history, industry sources said. Amanda Wood, Westpac’s money-laundering reporting officer, led the… Read More
How Investigators Busted a Huge Online Child-Porn Site by Following the Bitcoin
27th November 2019
How Investigators Busted a Huge Online Child-Porn Site by Following the Bitcoin
The call came in while two criminal investigators for the Internal Revenue Service sat at a Bangkok airport gate in July 2017, waiting for a flight. A confidential source they knew from past investigations was offering a tip that a new website was selling child pornography in exchange for bitcoin. Read More
Westpac’s CEO Brian Hartzer resigns over money-laundering scandal
26th November 2019
Westpac’s CEO Brian Hartzer resigns over money-laundering scandal
The Westpac chief executive Brian Hartzer has resigned and chairman Lindsay Maxsted will step down early following the money-laundering scandal involving allegations the bank failed to stop transactions with the Philippines involving child exploitation. Hartzer will be paid $2.69m for doing nothing for the next 12 months while serving… Read More
Westpac Issues Response Plan to Address AML/CTF Failings
26th November 2019
Westpac Issues Response Plan to Address AML/CTF Failings
Westpac has released its response plan to the AML/CTF issues raised by AUSTRAC last week as it launched civil penalty proceedings against the bank. According to AUSTRAC’s statement of claim, Westpac contravened the AML/CTF laws on 23 million instances between 2013 to and 2019. Among the bank’s failures, AUSTRAC… Read More
Westpac board could be disqualified over alleged breaches, Josh Frydenberg says
25th November 2019
Westpac board could be disqualified over alleged breaches, Josh Frydenberg says
The treasurer, Josh Frydenberg, says the banking regulator is looking at disqualifying the Westpac board for accountability failings which may have helped facilitate child exploitation. The financial intelligence agency, Austrac, announced it had begun legal action against Westpac last week, levelling accusations the bank had more than 23m… Read More
Swerving SWIFT: the story behind Westpac’s money-laundering calamity
22nd November 2019
Swerving SWIFT: the story behind Westpac’s money-laundering calamity
The Australian anti-money laundering (AML) regulator’s case against Westpac for more than 23 million alleged reporting breaches will shine an international spotlight on SWIFT data reporting avoidance. Anti-money laundering experts have said the case will provide an unprecedented view into the processes that banks put in place to circumvent the… Read More
Shadowy operators power Duterte’s offshore gaming boom
16th October 2019
Shadowy operators power Duterte’s offshore gaming boom
It has created 470,000 jobs. It contributes over $11 billion to the economy. It has even sparked a diplomatic clash with China. The strange thing is, nobody is sure who fully owns it. It’s not as though the Philippine offshore gaming operators who are transforming Manila, known collectively as POGOs,… Read More
Popular

Will the e-money boom make the UK a hub of money laundering?

Deutsche Bank Fined $150 Million Over Epstein Red Flags

UK imposes sanctions against human rights abusers

Ireland: How criminals clean their dirty money

UK to impose sanctions independently for first time, targeting Russians and Saudis

Must Read

On the Periphery: Financial Crime Risks in Cryptocurrency Mining

Germany Probes Possible Money Laundering by Wirecard Executives

Dutch banks join forces in fight against money laundering

JPMorgan Dropped Accounts That Became Bad News for Deutsche Bank

U.S. sanctions highest ranking Chinese official yet over Uighur rights