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A Sydney solicitor who was found liable for investor losses in a sports betting scheme masterminded by convicted conman Peter Foster may seek to shift the blame onto Westpac for the bank's alleged failure to flag funds shifted offshore from the scheme.
Westpac is facing a class action on behalf shareholders in three countries over its alleged anti-money laundering and counter-terrorism financing breaches and disclosures.
The Australian Prudential Regulation Authority has flagged potentially "substantial gaps in risk governance" by Westpac as it formally kicked off an investigation into the bank and its executives for potential breaches of the Banking Act.
AUSTRAC's lawsuit against Westpac over 23 million alleged breaches of money laundering and counter-terrorism laws is racing towards a possible February penalty hearing, with the bank largely in agreement with the regulator on its liability.
APRA's chairman has told Parliament that the regulator is "actively considering" what action it should take against Westpac in light of recent allegations by AUSTRAC that the bank breached anti-money laundering laws on 23 million occasions.
Embattled banking giant Westpac may be seeking to limit its potential liability in any shareholder class actions it may face in the wake of AUSTRAC's lawsuit alleging 23 million breaches of anti-money laundering and counter-terrorism financing laws, with the bank offering to refund some of those that purchased shares as part of a $2.5 billion capital raising.
Dentons is standing by the legal advice it gave to Afterpay regarding its compliance with anti-money laundering laws, after an independent auditor found the buy now, pay later company received "incorrect" advice from top-tier Australian law firms.
Westpac CEO Brian Hartzer has stepped down after admitting he was "ultimately accountable" for failures detailed in an AUSTRAC lawsuit alleging over 23 million breaches of anti-money laundering and counter-terrorism financing laws.
Buy now, pay later giant Afterpay got bad legal advice from "top tier Australian law firms" on its anti-money laundering compliance, an auditor's report has found.
Westpac has been hit with a lawsuit by AUSTRAC for its alleged "systemic" failure to comply with anti-money laundering and counter terrorism finance laws.