AML/CTF

• John Kavanagh

A court has ruled that a bank must have a valid commercial reason to terminate a banking relationship and that it cannot always rely on contract terms to give a “bare termination notice” without reaso.. read more

National Australia Bank is widening the range of business functions being handled at its overseas technology innovation centres to include more risk management functions in areas such as financial cri.. read more

• George Lekakis

Struggling financial services group EML Payments appears to be a long way from fixing its anti-money laundering headaches after revealing on Monday that all directors of its Irish subsidiary are set t.. read more

• John Kavanagh

An amendment to the Anti-Money Laundering and Counter-Terrorism Financing Act, which was passed in the Senate on Monday, strengthens AUSTRAC’s ability to use infringement notices as part of its enforc.. read more

• George Lekakis

Suncorp’s ASX-listed shares were sold off on Wednesday after the company unveiled one of its best earnings results on record. read more

• George Lekakis

EML Payments has gone to ground in the last four months as it scrambles to fix non-compliant anti-money laundering systems and a swathe of operational problems in Europe. read more

• Banking Day staff

Former chief executive of the Consumer Action Law Centre, Gerard Brody, has joined the board of the Australian Financial Complaints Authority. read more

Australia will move to so-called tranche 2 reform of its anti-money laundering and counter-terrorism financing regime, if proposals detailed in a consultation paper released by Attorney-General Mark D.. read more

• John Kavanagh

Bank of Queensland will undertake a three-year risk program to strengthen its non-financial resilience. read more

• George Lekakis

A public stoush over data collection practices is set to erupt in Australia as privacy advocates agitate for checks on measures advanced by AUSTRAC to enforce anti-money laundering and counter-terrori.. read more

• John Kavanagh

ING Bank Australia suffered significant setbacks in 2022, with two regulators calling out compliance failings and a fall in the value of its home loan book in the second half of the year. read more

• George Lekakis

Westpac’s longstanding aversion to the Australian remittance sector has been widened to include other licensed cross-border payments providers and start-up banks. read more

• John Kavanagh

PayPal Australia is undertaking “extensive” remedial work on its reporting of international funds transfers, in response to AUSTRAC concerns about the company’s systems, controls and governance in thi.. read more

• John Kavanagh

The new consumer credit law covering small amount credit contracts and consumer leases is having an impact months before it takes effect, with Cash Converters announcing that it will exit the SACC mar.. read more

• George Lekakis

The Customer Owned Banking Association is calling on the federal government to create a formal roadmap for financial services regulations to help member-owned banks manage their compliance obligations.. read more

• John Kavanagh

The Central Bank of Ireland has written to EML Payments, warning the company that its Irish subsidiary PFS Card Services Ireland Ltd has made limited progress with a remediation program and there are.. read more

• George Lekakis

Cash Converters has given an enforceable undertaking to AUSTRAC after an investigation found shortcomings in the company’s compliance with AML and counter terrorism laws. read more

• Banking Day staff

Austrac has signed a memorandum of understanding with the United Kingdom Financial Conduct Authority that will enable the two agencies to exchange information and ideas. read more

• George Lekakis

The litany of enforcement actions and financial penalties flowing from Westpac’s compliance failings in the last decade continues to grow following disciplinary measures meted out in recent weeks by H.. read more

• John Kavanagh

AUSTRAC has called on financial institutions to improve financial inclusion by balancing their due diligence processes for customer identification with a “flexible and compassionate approach”. read more