Borrow
Money laundering saga leads to Westpac class action
Westpac is still feeling the effects of AUSTRAC’s allegations of 23 million anti-money laundering breaches, having been served with a new class action.

Money laundering saga leads to Westpac class action
Westpac is still feeling the effects of AUSTRAC’s allegations of 23 million anti-money laundering breaches, having been served with a new class action.

A statement from the litigation funder behind the claim, Burford Capital, indicated that law firm Johnson Winter & Slattery had filed the class action suit in the Federal Court of Australia.
The class action was filed against both the financial institution and one of its prior executives “for alleged systemic non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006”.
The law firm did not disclose the amount of damages sought nor identity the aforementioned “prior executive” related to the claim.
Westpac confirmed that it had been served the class action last week and said it will be defending the claim.
It noted that the claim relates to market disclosure issues connected to Westpac’s monitoring of financial crime, and that the claim is on behalf of certain shareholders who acquired an interest in Westpac securities or equity swap confirmations between 16 December 2013 and 19 November 2019.
The bank said the new action covers similar subject matter to the claim filed in December last year by Phi Finney McDonald.
Westpac is becoming no stranger to class actions. Most recently, the bank was served a class action by Slater and Gordon on behalf of customers sold junk insurance.
It’s also seen its life insurance subsidiaries served legal action alleging they had not acted in the best interests of their super fund members.
About the author

About the author


Banking
ANZ sued for allegedly misleading customers
The corporate regulator has commenced civil proceedings in Federal Court. ...Read more

Banking
Banks report $14.4bn profit amid pressure on net interest margins
Australia’s major banks have reported a significant boost to their bottom lines and returns in the first half of the 2022 financial year, signaling sector-wide resilience despite persistent pressure...Read more

Banking
Major banks report rising profits
NAB and ANZ announced their half-year results this week. ...Read more

Banking
Modernisation of direct debit system suffers setback
According to the Reserve Bank (RBA), several major banks will not be able to meet the current timeline for the launch of the PayTo service. ...Read more

Banking
Australians' trust in digital providers has decreased in last five years
Australians have little trust in organisations keeping their information secure, but the financial services industry still sits atop the list. ...Read more

Banking
Commonwealth Bank chairman to retire in August
The Commonwealth Bank (CBA) board has announced a successor. ...Read more

Banking
Westpac responds to $113m penalty
The big four bank has responded to the penalty handed down last week. ...Read more

Banking
Westpac ordered to pay $113m for ‘widespread compliance failures’
Westpac has been ordered to pay penalties in the amount of $113 million for widespread compliance failures across multiple businesses, including Westpac’s banking, superannuation, wealth management ...Read more

Wrapping up an eventful 2021
Listen now

What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now

Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now

Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now

Banking
ANZ sued for allegedly misleading customers
The corporate regulator has commenced civil proceedings in Federal Court. ...Read more

Banking
Banks report $14.4bn profit amid pressure on net interest margins
Australia’s major banks have reported a significant boost to their bottom lines and returns in the first half of the 2022 financial year, signaling sector-wide resilience despite persistent pressure...Read more

Banking
Major banks report rising profits
NAB and ANZ announced their half-year results this week. ...Read more

Banking
Modernisation of direct debit system suffers setback
According to the Reserve Bank (RBA), several major banks will not be able to meet the current timeline for the launch of the PayTo service. ...Read more

Banking
Australians' trust in digital providers has decreased in last five years
Australians have little trust in organisations keeping their information secure, but the financial services industry still sits atop the list. ...Read more

Banking
Commonwealth Bank chairman to retire in August
The Commonwealth Bank (CBA) board has announced a successor. ...Read more

Banking
Westpac responds to $113m penalty
The big four bank has responded to the penalty handed down last week. ...Read more

Banking
Westpac ordered to pay $113m for ‘widespread compliance failures’
Westpac has been ordered to pay penalties in the amount of $113 million for widespread compliance failures across multiple businesses, including Westpac’s banking, superannuation, wealth management ...Read more