Ballard Spahr LLP (LexBlog Australia)

5 results for Ballard Spahr LLP (LexBlog Australia)

  • Westpac’s Alleged AML Failures Back in the News

    Internal Investigation Report Stresses Lack of Intentional Misconduct – But the Investigation May Broaden Westpac Banking Corporation (“Westpac”), Australia’s second largest retail bank, has been besieged by serious allegations of violating Australia’s Anti-Money Laundering (“AML”) and Counter-Terrorism Financing (“CTF”) Act. Just as Westpac was attempting to put some of these problems behind it,

  • Investors Bring 10b-5 Action Against Westpac Over Money Laundering Scandal

    AML Scandals Seem to Inevitably Spawn Investor Lawsuits As we recently blogged, Westpac, Australia’s second-largest retail bank, has been embroiled in a scandal arising from approximately 23 million alleged breaches of Australia’s anti-money laundering/countering terrorist financing (“AML/CTF”) laws and regulations involving nearly $12 billion in transactions. The scandal broke on November 20, 201

  • Westpac Banking Corporation Faces Money Laundering Scandal in the Land Down Under

    Bank Accused of Being Asleep at the AML-CTF Switch On November 20, 2019, AUSTRAC, Australia’s anti money-laundering (“AML”) and counter-terrorism financing (“CTF”) regulator, initiated an action in the Federal Court of Australia seeking civil penalty orders against Westpac Banking Corporation (“Westpac”), Australia’s second largest retail bank, alleging systemic failures to comply with Australia’s

  • Australia’s Largest Bank Agrees to Historic AML Penalty

    Commonwealth Bank of Australia (“CBA”), the largest bank in Australia, has agreed to a proposed civil settlement — subject to court approval — of historic proportions, involving a fine of approximately $700 million Australian dollars (roughly equivalent to $530 million U.S. dollars) regarding numerous alleged Anti-Money Laundering (“AML”) and Counter Terrorism Financing (“CTF”) violations.  The...

  • Australia’s Financial Intelligence Agency Implements AML Regulation of Digital Currencies

    Australia announced on April 11 that all digital currency exchanges operating in the country will be regulated by the Transaction Reports and Analysis Centre (“AUSTRAC”), the country’s financial intelligence agency.  A byproduct of the government’s Anti-Money Laundering (“AML”) and Counter Terrorism Financing (“CTF”) Act (on which we previously have blogged, both here and here), the new...

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