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Money laundering saga leads to Westpac class action

  • March 16 2020
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Money laundering saga leads to Westpac class action

By Grace Ormsby
March 16 2020

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

Money laundering saga leads to Westpac class action

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  • March 16 2020
  • Share

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

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.

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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.

 

 

Money laundering saga leads to Westpac class action
Money laundering saga leads to Westpac class action
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About the author

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Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

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