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A judge has warned AUSTRAC that it needs to finalise its case against Westpac over anti-money laundering breaches as the regulator readies a slew of new claims, quashing any hopes of a trial this year.
Westpac is facing the possibility of more claims in proceedings brought by AUSTRAC over anti-money laundering breaches, with the regulator seeking information on 272 customers who may have been involved in the exploitation of children.
The failings that led to enforcement action against Westpac over 23 million alleged breaches of financial crime laws were ones of omission, and not the result of intentional wrongdoing, according to an independent report released by the bank on Thursday.
Westpac has admitted to millions of breaches of anti-money laundering and counter terrorism financing laws, and has told a court it did not adequately monitor transactions of customers linked to child exploitation.
A contest of two competing shareholder class actions against Westpac over millions of alleged anti-money laundering breaches has ended with one law firm and its funder bowing out.
Westpac is still locked in mediation with AUSTRAC over allegations that it committed over 23 million breaches of anti-money laundering and counter-terrorism financing laws, with the bank's hopes of moving to a penalty hearing in the early part of the year fading.
Westpac has been hit with another class action over alleged anti-money laundering breaches, teeing up a high-stakes beauty parade over which firm will lead the class action against the bank.
Westpac is now facing at least eight class actions in various US courts seeking $200 million from the bank for allegedly failing to alert shareholders to violations of anti-money laundering laws.
A US-based plaintiffs firm is planning a class action against Westpac alleging it failed to alert investors to significant lapses in its anti-money laundering and counter-terrorism finance compliance, which led to a bombshell lawsuit by AUSTRAC last year.
National Australia Bank will be hit this year with an estimated $750 million in fines stemming from its fees for no service conduct and potential breaches of money laundering laws, analysts have predicted.