Criminals add luxury goods to their shopping list of items to purchase with the proceeds of crime because of"inconsistent"anti-money laundering laws.
Local fintech Airwallex is fighting to overturn a Hong Kong police order freezing $26 million of its funds following an alleged fraud.
The regulator's sanctions against Westpac may be less impactful and threatening than they appear.
Westpac's outgoing chairman Lindsay Maxsted opened the bank's day of reckoning with a 23-minute apology.
Westpac is alleged to have breached anti-money-laundering laws 23 million times. How does that happen? What are banks obliged to track nowadays? And what does the scandal mean for other banks?
Everyone pays when criminals distort the economy by illegally cleaning their dirty money,yet the Australian government seems unwilling to do anything about it.
The cost of Cyclone AUSTRAC for Westpac shareholders is little more than a guesstimate.
Westpac will let smaller investors withdraw orders to buy new shares raising investor fears the bank could be facing a tsunami of class action lawsuits.
The money-laundering scandal engulfing the nation's oldest bank has sparked calls from Labor that they front a parliamentary inquiry to explain how the crisis occurred.
Rob Whitfield was the chief executive of Westpac's Institutional Bank from 2009 to 2015.
The independent audit blamed an unnamed top tier law firm for"incorrect"advice to the buy now,pay later provider now worth $8 billion.