Westpac has settled a case with financial crime watchdog AUSTRAC regarding more than 23 million alleged breaches of anti-money laundering laws by paying a record $1.3 billion penalty. The fine is the largest penalty in Australia’s corporate history. Last year Australia’s financial crime watchdog AUSTRAC said the bank had failed to properly report 19.5 million […]
The passage of anti-money laundering legislation through Parliament on Thursday will facilitate further growth in Australia’s local blockchain and digital currency industry, according to local fintech leaders. The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017 will extend anti-money laundering and counter-terrorism financing regulation to digital currency exchanges. The legislation requires these exchanges to monitor […]
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