‘Denied’:NAB,Citi pulled banking services from fintech unicorn Airwallex over risk fears
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Fintech

‘Denied’:NAB,Citi pulled banking services from fintech unicorn Airwallex over risk fears

Two major lenders have rejected the celebrated fintech over concerns it was high-risk due to suspicious payments patterns and hard-to-identify customers.

  • byCharlotte Grieve

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'Integrity'of financial system at stake as $1.3b Westpac fine upheld:Federal Court

'Integrity'of financial system at stake as $1.3b Westpac fine upheld:Federal Court

Justice Jonathan Beach said the integrity of Australia's financial system depends on compliance with anti-money laundering laws in handing down his decision to approve the $1.3 billion fine.

  • byCharlotte Grieve
Westpac's ties to Puerto Rico bank Euro Pacific spark calls for financial crime reform
Investigation
Operation Atlantis

Westpac's ties to Puerto Rico bank Euro Pacific spark calls for financial crime reform

Correspondent bank relationships enable Australians to send money overseas. But are major banks,like Westpac,doing everything they can to stop criminal activity?

  • byCharlotte Grieve andNick McKenzie
CBA chief says no bank wants to facilitate'heinous crimes'

CBA chief says no bank wants to facilitate'heinous crimes'

The big banks'approach to anti-money laundering laws has once again come under the spotlight.

  • byCharlotte Grieve
Afterpay escapes further AUSTRAC action but regulatory clouds linger

Afterpay escapes further AUSTRAC action but regulatory clouds linger

Afterpay has received an all-clear from the Australian financial crimes watchdog AUSTRAC but will need to be on its toes as it expands it global reach.

  • byColin Kruger
Class action lawyers eye Westpac settlement

Class action lawyers eye Westpac settlement

Lawyers leading the class action against Westpac say the AUSTRAC settlement will help their case.

  • byCharlotte Grieve
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Hardening up:How AUSTRAC became the toughest cop on the beat

Hardening up:How AUSTRAC became the toughest cop on the beat

AUSTRAC has secured a record-breaking fine from Westpac and is now cemented as the toughest regulator in Australia. But up until a few years ago it was barely on the radar of Australian companies.

  • bySarah Danckert
How Westpac's record-breaking fine compares to others

How Westpac's record-breaking fine compares to others

Westpac's $1.3 billion fine will dwarf all previous civil penalties for misconduct ever handed down in Australia.

  • byCharlotte Grieve
Westpac announces record-breaking $1.3b fine
Updated
AUSTRAC

Westpac announces record-breaking $1.3b fine

Westpac has announced it will pay a $1.3 billion fine,the largest in Australian corporate history,for breaching anti-money laundering laws and for failing to stop child exploitation payments.

  • byCharlotte Grieve
Westpac closing in on $1b AUSTRAC settlement
Exclusive
Big four

Westpac closing in on $1b AUSTRAC settlement

Senior figures at the bank held a conference call on Wednesday to discuss a penalty that could exceed $1 billion and surpass CBA's fine in 2018.

  • byCharlotte Grieve
Macquarie,CBA face fresh money laundering scrutiny after data leak

Macquarie,CBA face fresh money laundering scrutiny after data leak

A leak of secret bank data shows that more than $230 million of possibly dirty money flowed through the two Australian banks.

  • bySarah Danckert