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Crown Resorts is the target of an investigation by AUSTRAC's enforcement team in connection with its dealings with high-risk customers at its Melbourne casino.
Financial crimes regulator AUSTRAC will not take legal action against Afterpay over its compliance with anti-money laundering laws, following an external auditor's report that found the buy now, pay later provider had received "incorrect" legal advice from several top-tier law firms about its compliance program.
Westpac has agreed to pay a whopping $1.3 billion civil penalty to resolve AUSTRAC enforcement action over the bank's 23 million breaches of money laundering and counter-terrorism laws.
AUSTRAC has slugged US financial services giant State Street Bank and Trust Company with a $1.24 million fine for failing to report international funds transfers in breach of anti-money laundering and counter-terrorism laws.
The Australian Securities and Investment Commission will not take action against the Commonwealth Bank of Australia or any of its directors of officers in relation to AUSTRAC proceedings the bank agreed to settle for $700 million in 2018.
Westpac anti-money laundering compliance troubles continue to worsen, with the bank reporting an additional 365,000 incomplete or inaccurate threshold transaction reports to AUSTRAC.
Westpac has denied claims in a shareholder class action filed in the wake of AUSTRAC proceedings alleging 23 million breaches of anti-money laundering and counter-terrorism finance laws, saying the information the class action says it should have disclosed to shareholders "did not exist".
The Commonwealth Bank of Australia has refused to provide sought-after documents to the lead applicants of a joint class action against it until AUSTRAC grants permission, citing concerns over possible criminal breaches if it hands over the material without the agency's approval.
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.