WBC - WESTPAC BANKING CORPORATION

[early birds]

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.

 

======================================================

 

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

 

 

[mullokintyre]

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

[early birds]

it is the system made it like that, have to change the system to change to what you like the way .

other than that i guess we little holders only can cop it on the chin.

that is why we are here to help each other to find relatively safe bet..... but still can't avoid these type of thingy!!

 

 

[Mags]

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

 

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.

 

[early birds]

up over 7% now, looks like shorts on the run,

it carried whole banking sector rallying atm!!

 

 

[Mags]

Yeah, doesn't surprise me.

See the fed's are reducing the amount of info required for home loans.

That'll push banks up every time.

Canberra must be getting sore toes from kicking the can so often.

 

[rog]

There could be a case to answer ie directors did not act in good faith.

[early birds]

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.

 

=======================

 

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

 

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

 

 

[nipper]

Will be watching... There is more money in mortgages than personal lending, a sector that the banks seem to have handed over to the FinTech players.

[early birds]

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.

 

===============

 

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

 

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???

 

what do you guys think???