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Australia's Westpac agrees to settle money-laundering case for $920 million

 

 

https://www.msn.com/en-au/money/news/austra...ion/ar-BB19mlax

 

 

Australia's Westpac Banking Corp said on Thursday it would pay A$1.3 billion ($920 million) to settle a case filed by the country's financial crimes watchdog against the lender for breaching anti-money laundering and counter-terrorism laws.

Last November, AUSTRAC filed a civil lawsuit accusing the Sydney-based bank of presiding over 23 million payments that violated anti-money laundering protocols, including payments by Australians to child pornography purveyors in the Philippines.

 

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the sword falls on WBC's head ----finally. time to to have good look at it i suppose !!?? :unsure:

 

 

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I really don't understand the civil suit program against Westpac.

If federal banking laws are broken, why is it not a federal criminal case?

And why are the employees/directors etc not charged?

These ar$eholes are paid massive salaries , but after 23 million offences, they get of scot free and it will be the shareholders who pay the price of their crimes.

Mick

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the sword falls on WBC's head ----finally. time to to have good look at it i suppose !!?? unsure.gif

 

I aint touching banks until the loan repayment holiday is over.

There's only $170,000,000,000 ie $170 BILLION worth of loans that the banks are unable to contact those liable for it....

It's not just the covid contact tracers that are getting ghosted.

I was actually thinking about my CBA holding and when to top it up: Ideally in the weeks before the bail out is the correct answer.

So let's see how bad these bad loans are, then we can start to analyse it properly.

 

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https://www.afr.com/companies/financial-ser...20200925-p55z6k

 

Banks welcomed the changes, saying they would reduce the burden of regulation, cut red tape for consumers and allow them to approve loan more quickly. They will also help small businesses access credit, supporting employment as the economy recovers from the crisis. Westpac said.

 

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that is real reason to lift big 4 banks, in a big way. forget about GFC subprime!!!! :lol:

 

anyway, we could see something to support our bleeding economies!!

 

 

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https://www.afr.com/companies/financial-ser...20200925-p55z8o

 

Investors are likely to foot the bill for Westpac's record-breaking $1.3 billion AUSTRAC penalty through a lower final dividend in November, as they welcome the settlement as a chance for management to refocus on the business of banking.

 

 

 

 

Richard Wiles, an analyst with Morgan Stanley, said the dent to the bank's capital ratios was "immaterial" and the settlement would end a source of uncertainty for investors.

 

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pump it up first !! worry about earning later!! :P

 

from high of near aud$40 to just little over 17 bucks , with the size of the bank and lose policies , we might see some good percentage gain for next year??? :unsure:

 

what do you guys think???

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