Afterpay has received an all-clear from the Australian financial crimes watchdog AUSTRAC but will need to be on its toes as it expands it global reach.
AUSTRAC has secured a record-breaking fine from Westpac and is now cemented as the toughest regulator in Australia. But up until a few years ago it was barely on the radar of Australian companies.
Westpac's $1.3 billion fine will dwarf all previous civil penalties for misconduct ever handed down in Australia.
Westpac has announced it will pay a $1.3 billion fine,the largest in Australian corporate history,for breaching anti-money laundering laws and for failing to stop child exploitation payments.
Senior figures at the bank held a conference call on Wednesday to discuss a penalty that could exceed $1 billion and surpass CBA's fine in 2018.
What should the board have known? What could the board have known? The community puts rising pressure on non-executive directors with little understanding of the limitations of their role,the review of Westpac's anti-money laundering compliance shows.
Westpac has admitted it failed to adequately monitor a dozen customers who allegedly made suspicious transactions fitting the pattern of payments for child exploitation.
The bank accounts of up to 150 victims have been frozen and the AFP is closing in on the alleged perpetrators.
Police will get new powers to access end-to-end encrypted content to fight online child sex abuse networks if tech giants do not water down messaging services.
The bank revealed in a trading update it was bracing for a significant penalty,more lawsuits and regulator investigations in the fallout of the AUSTRAC money laundering scandal.
An American law firm says it has launched a class action suit that seeks damages for Westpac's US investors following last year's money laundering scandal.