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Bermuda: Beneficial ownership register to go public

Bermuda’s companies beneficial ownership register is to go public. The island has kept records of the owners of companies for about 70 years, with the information only available to government authorities. The Government said it would pass legislation making the register accessible to the public in 2022. A government spokeswoman… Read More

These Are the Deutsche Bank Executives Responsible for Serving Jeffrey Epstein

Jeffrey Epstein, the sex criminal and financier, didn’t act alone. Now we know in vivid detail who some of his financial enablers were: executives and bankers at Deutsche Bank. Last week the New York Department of Financial Services laid bare at least some of the financial underpinnings of… Read More

Germany formally proposes first-ever use of EU cyber sanctions over Russia hacking

The German government has officially proposed that the European Union impose sanctions on Russian individuals responsible for a large-scale hacking of the Bundestag five years ago, the German Press Agency reported Sunday. If agreed, the plan, which was recommended by Berlin last month, would be the first use of an… Read More
13th July 2020
To avoid a repeat of cross-border financial fraud that implicated local financial institutions, it’s time for Congress to ease the antiquated bank secrecy law while the government tightens enforcement against such crimes, Finance Secretary Carlos Dominguez III said. Stephen Cutler, a security analyst and antimoney laundering consultant, noted that the… Read More
19th June 2020
Financial crimes watchdog AUSTRAC has two months to add any new allegations to its blockbuster case against Westpac, as it investigates suspicious transactions from 272 customers who may have been involved in paedophilia. Federal Court Justice Jonathan Beach ordered the deadline on Wednesday ahead of a potential trial early next… Read More
17th June 2020
The odds of Westpac settling the damaging AUSTRAC case for more than a billion dollars have shortened after the financial crime regulator showed it was willing to stick with the same strategy it used successfully just two years ago to extract a big penalty from Commonwealth Bank. As the two… Read More
15th June 2020
Westpac Banking Corp. is being investigated over a further 272 customers linked to potential child abuse, and could face tens of thousands more breaches of anti-money laundering laws. Australia’s oldest bank last month admitted to the vast majority of 23.5 million breaches of money-laundering and terrorism financing laws… Read More
4th June 2020
Westpac Banking Corp.’s board was slow to recognize systemic financial crimes risk, and management lacked the skills and expertise to handle the issues, a probe into Australia’s biggest breach of anti-money laundering laws found. There was an “immature and reactive” risk culture around anti-money laundering and terrorism financing laws… Read More
26th May 2020
The value of a prudential standard that demands banks review their risk management framework but does not require the bank or the regulator to act on it has been questioned by a Labor senator. Senator Deborah O’ Neill said confusion over the purpose of CPS 220 Risk Management rendered the… Read More
20th May 2020
Westpac has elected to dump EY for a review of its risk management processes three years after its last review found “known and ongoing risks” within the bank’s anti-money laundering systems including “poor data quality”, “manual workarounds” and “historical underinvestment”. The reviews are required under APRA’s CPS 220 and are… Read More
15th May 2020
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
5th May 2020
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
15th April 2020
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