Austrac

• 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

• 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

• John Kavanagh

The government has responded to a review of de-banking in Australia, backing recommendations that banks provide data to APRA when they withdraw banking services and improve their transparency and fair.. read more

• Ian Rogers

Kept under wraps for the best part of a year, the ugly findings of an APRA prudential review into Bank of Queensland are now out in the open. read more

• John Kavanagh

Inadequate testing, monitoring and control of processes and system changes are at the heart of many of the failings the Australian Financial Complaints Authority has identified in its latest review of.. 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

• 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

• 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

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

• 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

• John Kavanagh

Anti-money laundering watchdog AUSTRAC reported yesterday that ING Bank Australia is not fully compliant with the rules of the Anti-Money Laundering and Counter-Terrorism Financing Act and needs to ta.. read more

• John Kavanagh

Westpac’s multi-year project to fix its risk governance, the CORE program, continues to face delivery risks because of capacity constraints, independent reviewer Promontory Australia reported in its l.. read more

• John Kavanagh

Austrac has warned of the growth of trade-based money laundering in its latest financial crime guide and put financial institutions on notice that they must be able to deal with this threat. read more

• John Kavanagh

A review of de-banking in Australia led by the Council of Financial Regulators has conceded that it has no real solution to the problem. read more

• John Kavanagh

Money laundering and terrorism financing risk mitigation strategies in the bullion dealing sector are not up to scratch, AUSTRAC said in a review of the sector. read more

• John Kavanagh

The Federal Court has thrown out a case alleging that Commonwealth Bank enabled “cuckoo smurfing” of customer accounts as a result of breaches of its anti-money laundering obligations. read more