Westpac class action launched over money laundering issue

Austrac’s proceedings in the Federal Court against Westpac over alleged breahes of anti-money laundering law have not progressed since the regulator took the matter to court last November but the first shareholder class action over the issue had been filed.…

Westpac shareholders must make a couple of important calls

In the wake of the Westpac money laundering scandal, investors have some decisions to make. They are being given the choice of opting out of a share purchase plan and they may want to vote on the company’s remuneration report…

How to find an ethical bank

Following news of Westpac’s failure to manage risks associated with the processing of cross-border payments, consumers are once again asking where they can find an ethical bank. The two best sources for consumer guidance are the Responsible Investment Association Australasia…

Registration date for digital currency exchanges looms

Providers of cryptocurrencies are now covered by anti-money laundering and counter-terrorism financing laws. Australia’s anti-money laundering regulator Austrac has implemented new rules, which mean that digital currency exchanges with a business located in Australia must register with Austrac and meet…

Regulators close in on digital currencies

The freewheeling days of digital currency market operations are coming to an end, with new anti-money laundering rules to hit the sector in April. Providers will have to comply with a range of new obligations, including registration with a regulator,…