The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

Westpac Freezes Executive’s Bonuses Amid Money Laundering Scandal

Westpac Freezes Executive’s Bonuses Amid Money Laundering Scandal

Westpac’s board will withhold bonuses of all of its senior executives as an ‘interim’ step following the money-laundering scandal. Chairman Lindsay Maxsted will be holding important meetings with investors throughout this week. 

The allegations that the bank breached 23 million anti-money laundering laws were made against Westpac by the Australian Transaction Reports and Analysis Centre (AUSTRAC).  The allegations also include failing to appropriately examine thousands of payments possibly linked to child exploitation.

The bank announced that it will shut down a second service used to transfer international funds. These measures are taken as the bank tries to address the fallout from Australia’s biggest money-laundering scandals. 

Scott Morrison, Australia’s Prime Minister, asked for deep reflection by the bank’s board on the position of CEO, Brian Hartzer. Chairman Mexsted talked to local media on Sunday about the matter and said that letting go of Hartzer would destabilize the bank. 

Talking to The Australian Financial Review he said, 

“We think for Brian not to be CEO would be an amazing piece of destabilization of a company. But we also understand, on the other hand, there is some destabilizing going on, possibly, by him being here.” 

Amidst these allegations, shares in Westpac were down 1.4% on Monday dropping consecutively for the fourth season. Since AUSTRAC’s accusations, Westpac’s cumulative losses have reached $7.6 billion AUD ($5.2 billion). 

Related Posts

News

California to Reopen its Economy with COVID Vaccine and Testing Requirements

After more than a year of COVID-19 restrictions, the State of California to finally reopen its ec...

California to Reopen its Economy with COVID Vaccine and Testing Requirements Explore More

News

Jamaica Plans Digital Marketplace to Trigger CBDC Adoption

Jamaica Observer reported that the CBDC project would improve performance metrics related to JAM-...

Jamaica Plans Digital Marketplace to Trigger CBDC Adoption Explore More

News

Singapore, Cyprus, and the US Expedite Efforts to Combat Financial Crimes Effectively

Singapore, Cyprus, and the US are stepping up their efforts to curb financial crimes while aiming...

Singapore, Cyprus, and the US Expedite Efforts to Combat Financial Crimes Effectively Explore More

News

Cabinet Pressurizing BVI to Improve its Financial Laws

Many international financial regulatory bodies have pointed fingers at BVI’s financial service in...

Cabinet Pressurizing BVI to Improve its Financial Laws Explore More

News

Hong Kong Legislators Invite Coinbase to the Region Despite SEC Concerns

Coinbase and other crypto exchanges have been invited to establish operations in Hong Kong; the r...

Hong Kong Legislators Invite Coinbase to the Region Despite SEC Concerns Explore More

News

UAE Struggles to Shade Off Grey-List Status as it Continues to Attract More Crypto Firms

The UAE is keen on regaining a good reputation by clearing its name from FATF’s grey list while t...

UAE Struggles to Shade Off Grey-List Status as it Continues to Attract More Crypto Firms Explore More

News

SEC Unfolds Strict Regulations to Prevent Financial Crimes in Stock Market

SEC (Securities Exchange Commission) is to implement tough regulations to prevent money launderin...

SEC Unfolds Strict Regulations to Prevent Financial Crimes in Stock Market Explore More

News

Legal Challenges Against TikTok for Breaching Child Privacy Policy

TikTok, the most trending social media application in the present times is facing legal actions f...

Legal Challenges Against TikTok for Breaching Child Privacy Policy Explore More

News

Bank of Queensland Commits to Anti Money Laundering Laws and Risk Management

Bank of Queensland Ltd (BOQ.AX) disclosed that separate agreements had been reached with the coun...

Bank of Queensland Commits to Anti Money Laundering Laws and Risk Management Explore More

News

US Government Announces Reward for Identifying Sanctioned Russian Assets

The US government has announced financial rewards of up to $5 million for information leading to ...

US Government Announces Reward for Identifying Sanctioned Russian Assets Explore More

News

14 Arrested in Money-Laundering Crackdown, Over HK$300 Million Seized

Hong Kong police carried out a crackdown on money laundering groups, 14 arrested and HK$300 milli...

14 Arrested in  Money-Laundering Crackdown, Over HK$300 Million Seized Explore More

News

Monetary Authority of Singapore to Take Tougher Action Against Data Breaches

To address the data privacy concern, MAS has recommended that data privacy offences should be mad...

Monetary Authority of Singapore to Take Tougher Action Against Data Breaches Explore More

News

China Raises Penalty, Broadens Scope of AML Laws

The People’s Bank of China (PBOC) has published a revised draft for the country’s AML law which e...

China Raises Penalty, Broadens Scope of AML Laws Explore More

News

DIA Warns Auckland Real Estate for Lax Money Laundering Prevention

The department of Internal Affairs has issued a formal warning to Auckland’s real estate company ...

DIA Warns Auckland Real Estate for Lax Money Laundering Prevention Explore More

News

Nepal at Risk of ‘Graylisting’ for Allowing Money Laundering

Nepal could be added to FATF’s greylist as the global AML watchdog has found a  number of deficie...

Nepal at Risk of ‘Graylisting’ for Allowing Money Laundering Explore More

News

Philippines Directs Efforts & Demonstrates Progress in Resolving AML Concerns

The Asia Pacific Group on Money Laundering (APG) has raised the Philippines’ rating from pa...

Philippines Directs Efforts & Demonstrates Progress in Resolving AML Concerns Explore More

News

The Cayman Islands Lead Overseas Delegations Discussing Actions to be Removed from FATF’s Gray List

The Attorney General of Cayman, Samuel Bulgin, KC, and the Minister for Financial Services and Co...

The Cayman Islands Lead Overseas Delegations Discussing Actions to be Removed from FATF’s Gray List Explore More

News

SRA Fines Scarborough Law Firm for Long-term AML Compliance Failures

The Solicitors Regulation Authority (SRA) has fined Scarborough law firm Pinkney Grunwells Lawyer...

SRA Fines Scarborough Law Firm for Long-term AML Compliance Failures Explore More

News

EU Parliament Approves More Stringent Rules to Combat Money Laundering and Terrorist Financing

The latest EU Parliament vote approves the formation of a new anti-money laundering authority and...

EU Parliament Approves More Stringent Rules to Combat Money Laundering and Terrorist Financing Explore More

News

Central Bank of UAE Penalized Exchange House Dhs504,000 for AML/CFT Breach

UAE’s exchange house has weak measures to fight money laundering and terrorism financing and requ...

Central Bank of UAE Penalized Exchange House Dhs504,000 for AML/CFT Breach Explore More

News

Tether Executives to Face DOJ Bank Fraud Probe

Since its inception in 2014, Tether has become the third-largest cryptocurrency platform in the w...

Tether Executives to Face DOJ Bank Fraud Probe Explore More

News

Jamaica Shows Significant Progress in Anti-Money Laundering Compliance

Jamaica impressively complied with 37 recommendations from 40 international Financial Action Task...

Jamaica Shows Significant Progress in Anti-Money Laundering Compliance Explore More

News

FinCEN Highlights That AML/CFT Regulation Requires Transformation to Fight Modern Crimes

The acting director of FinCEN has highlighted the fact that the existing AML/CFT regulatory frame...

FinCEN Highlights That AML/CFT Regulation Requires Transformation to Fight Modern Crimes Explore More

News

UK Approves New Age Verification Laws to Protect Children

The UK government approved the “Online Safety Bill,” which contains measures to protect children ...

UK Approves New Age Verification Laws to Protect Children Explore More

News

Ransomware attack targets Victoria Beckham’s personal data

Maze, the Ransomware gang strikes again. It seems that the victim this time is a US-based indepen...

Ransomware attack targets Victoria Beckham’s personal data Explore More

News

The US Securities and Exchange Commission Identifies AML Failures of US Brokerage Firms

The Securities and Exchange Commission (SEC) has reported that compliance reviews of US brokerage...

The US Securities and Exchange Commission Identifies AML Failures of US Brokerage Firms Explore More

News

UAE’s AML Body Adopts Regulatory Framework for Virtual Assets

The new rule for virtual assets has been devised in accordance with the crypto travel rule issued...

UAE’s AML Body Adopts Regulatory Framework for Virtual Assets Explore More

News

France to Implement Stringent Regulations on Cryptocurrency

France is planning on regulations that abolish the anonymity in cryptocurrency. Financial authori...

France to Implement Stringent Regulations on Cryptocurrency Explore More

News

Philippines AML Council Adds POGO to its Non-Compliance List

In its efforts to fight money laundering and terrorist financing, AMLC has added third POGO to th...

Philippines AML Council Adds POGO to its Non-Compliance List Explore More

News

FATF and EU Delist Bahamas from AML Blacklist

European Union has finally removed Bahamas from its AML blacklist, right after FATF has delisted ...

FATF and EU Delist Bahamas from AML Blacklist Explore More

News

Argentina Proposes VASP Registry as Part of Updated AML Law

Argentina is preparing to update its AML and CTF law and has proposed to include a registry for v...

Argentina Proposes VASP Registry as Part of Updated AML Law Explore More

News

China Extends the Regulatory Crackdown to the Fintech Giants

The financial watchdogs in China are rolling out new legislative measures to restrict the finance...

China Extends the Regulatory Crackdown to the Fintech Giants Explore More

News

ECOWAS Partners with Interpol to Tackle Money Laundering

ECOWAS (Economic Community of West African States) partners with INTERPOL (International Criminal...

ECOWAS Partners with Interpol to Tackle Money Laundering Explore More

News

Chinese Authorities Bust 93 for Crypto Money Laundering Worth RMB 40 Billion

Chinese Authorities in the Hunan province have busted a criminal ring of 92 individuals for alleg...

Chinese Authorities Bust 93 for Crypto Money Laundering Worth RMB 40 Billion Explore More

News

MENAFATF Adopts Abu Dhabi Recommendations to Counter Money Laundering and Terrorism Financing

An international group based on the FATF format, MENAFATF, has adopted the Abu Dhabi recommendati...

MENAFATF Adopts Abu Dhabi Recommendations to Counter Money Laundering and Terrorism Financing Explore More

News

New ultrasonic hack can manipulate your digital assistant

Researchers are advising consumers about a new type of hack that has recently emerged. It involve...

New ultrasonic hack can manipulate your digital assistant Explore More

News

President Biden Takes the Reins with Halting Digital Assets’ Rule Making

Regulatory proposal regarding digital assets has been frozen by President Joe Biden. Biden took h...

President Biden Takes the Reins with Halting Digital Assets’ Rule Making Explore More

News

First Canadian bank introduces digital ID verification

Digital Identity is progressing in Canada, with a new bank account opening process backed by digi...

First Canadian bank introduces digital ID verification Explore More

News

FATF Highlights the Increasing Risk of Trade-Based Money Laundering

FATF- Financial Action Task Force is warning businesses of the risk they face regarding trade-bas...

FATF Highlights the Increasing Risk of Trade-Based Money Laundering Explore More

News

11 Arrested for Illegal Offshore and Cross-Border Gambling Activities in Macau

11 people arrested along with businessman Alvin Chau in an investigation of bogus gambling scheme...

11 Arrested for Illegal Offshore and Cross-Border Gambling Activities in Macau Explore More

News

Star Casino Faces Class Action for Anti-Money Laundering Failures

The Star casino has been hit with a shareholder class action for its alleged non-compliance with ...

Star Casino Faces Class Action for Anti-Money Laundering Failures Explore More

News

FinCEN Says Russia Cannot Evade Sanctions with Crypto

Global lawmakers are taking a closer look at digital assets and how they can or cannot be used to...

FinCEN Says Russia Cannot Evade Sanctions with Crypto Explore More

News

US Attorneys Probe into Binance Money Laundering Violations

US federal prosecutors have reportedly issued subpoenas to several hedge funds connected with Bin...

US Attorneys Probe into Binance Money Laundering Violations Explore More

News

A lawsuit is filed against LifeLabs for a data breach incident

As reported earlier, the Canadian laboratory testing company, LifeLabs was hit with a cyber-attac...

A lawsuit is filed against LifeLabs for a data breach incident Explore More

News

EU Sets a New Limit on Cash Transactions to Curb Financial Crimes

The EU countries have signed an agreement according to which the crypto-service providers must co...

EU Sets a New Limit on Cash Transactions to Curb Financial Crimes Explore More

News

Poker Machines Being Preyed by Criminals Amidst COVID-19 Pandemic

During the five months of lockdown due to the COVID-19 pandemic, there has been a growth of 305 U...

Poker Machines Being Preyed by Criminals Amidst COVID-19 Pandemic Explore More

News

FATF Claims Golden Visa Programs Raise Financial Crimes Activities

The international regulatory body, Financial Action Task Force (FATF), reported that Citizenship ...

FATF Claims Golden Visa Programs Raise Financial Crimes Activities Explore More

News

US Ambassador Highlights how Liberia can Improve its AML/CFT Laws

Monrovian embassy of the United States’s ambassador, Micheal A. McCarthy, supports the National R...

US Ambassador Highlights how Liberia can Improve its AML/CFT Laws Explore More

News

Pandora Papers Highlight ‘Gatekeepers’ of Black Money, says EU Financial Watchdog

The new report of MONEYVAL offers a diminishing rebuke across European governments that are unabl...

Pandora Papers Highlight ‘Gatekeepers’ of Black Money, says EU Financial Watchdog Explore More

News

FBI Seizes $1.7M During 3-Month Crypto Operation

During a 3-month operation from March to May, the FBI seized $1.7m worth of cryptocurrencies, inc...

FBI Seizes $1.7M During 3-Month Crypto Operation Explore More

News

Seattle Airport Resists Federal Push for Facial Recognition

Facial recognition technology won’t be installed at the boarding gates of the Seattle-Tacoma Inte...

Seattle Airport Resists Federal Push for Facial Recognition Explore More

News

ABA House of Delegates Amends the AML Model Rule to Curb Financial Crimes

The House of Delegates amended the ABA Model Rule of Professional Conduct 1.16, which covers decl...

ABA House of Delegates Amends the AML Model Rule to Curb Financial Crimes Explore More

News

Financial Watchdogs in Thailand Issue Strict KYC for New Crypto Accounts

The government in Thailand plans to eliminate anonymity in the new crypto account creation by enf...

Financial Watchdogs in Thailand Issue Strict KYC for New Crypto Accounts Explore More

News

Cyberattack Prompts Dallas Firefighter and Police Associations to Demand Identity Theft Protection

It has been three weeks since Dallas’ operations were affected by a municipal network outage. Som...

Cyberattack Prompts Dallas Firefighter and Police Associations to Demand Identity Theft Protection Explore More

News

SA Banks at High Risk of Money Laundering & Terrorist Financing, Says Prudential Authority Report

South African banks have moved up into the high-risk category in the new report from the Prudenti...

SA Banks at High Risk of Money Laundering & Terrorist Financing, Says Prudential Authority Report Explore More

News

Philippine Plans to Introduce New Regulations on Beneficial Ownership

The Securities and Exchange Commission in Philippine has laid out new regulations that require tr...

Philippine Plans to Introduce New Regulations on Beneficial Ownership Explore More

News

European Commission Warns of Trade Laws Violation as EU Bans Tax-Haven Crypto Firms

The European Commission has issued a new warning on breaching global trade laws as the EU bans ta...

European Commission Warns of Trade Laws Violation as EU Bans Tax-Haven Crypto Firms Explore More

News

Colombia Releases New Regulations For Crypto Firms Operating in the Country

The Colombian government passed new drafts for the local crypto organisations to continue operati...

Colombia Releases New Regulations For Crypto Firms Operating in the Country Explore More

News

Banks take measures to serve customers amid COVID-19

The banking industry is stepping up to serve customers as well as their employees as the Coronavi...

Banks take measures to serve customers amid COVID-19 Explore More

News

MEPs Disclose Plans To Crack Down On Money Laundering – AMLA Reports

The civil liberties and economic affairs committees discussed the plan to establish an EU Authori...

MEPs Disclose Plans To Crack Down On Money Laundering – AMLA Reports Explore More

News

FATF Finalizes Key Working Areas in its Fifth Plenary Meeting

FATF’s fifth plenary meeting consisting of 206 members of the Global Network and Observer organiz...

FATF Finalizes Key Working Areas in its Fifth Plenary Meeting Explore More

News

Money Laundering Watchdog Fines HSBC for AML Violations

HSBC Malta has been fined €82,000 by Financial Intelligence Analysis Unit (FIAU) for AML violatio...

Money Laundering Watchdog Fines HSBC for AML Violations Explore More

News

Crypto Scams Reach New Heights in 2020 With $24M Stolen So Far

Whale Alert alleges that crypto scams are skyrocketing so far in 2020.  A report revealed,scammer...

Crypto Scams Reach New Heights in 2020 With $24M Stolen So Far Explore More

News

Rapstar Captured for His Role in Wire Fraud Scheme

A famous rapper from Chicago with his crew members was caught and charged in court for using the ...

Rapstar Captured for His Role in Wire Fraud Scheme Explore More

News

White House Wants COVID Vaccine Passports to be Secure, Private, and Free

According to the White House, the Federal Government should not be responsible for verifying that...

White House Wants COVID Vaccine Passports to be Secure, Private, and Free Explore More

News

US Attorneys Probe into Binance Money Laundering Violations

US federal prosecutors have reportedly issued subpoenas to several hedge funds connected with Bin...

US Attorneys Probe into Binance Money Laundering Violations Explore More

News

New Variations in Business Email Compromise Accounted for Losses of $43 Billion, Says FBI

Introduction of new variations in Business Email Compromise scams netted $43 Billion in losses ca...

New Variations in Business Email Compromise Accounted for Losses of $43 Billion, Says FBI Explore More

News

The Ringleader of a Crypto-Ponzi Scheme Arrested After a Flee Attempt

Mathew Piercey, a Ponzi scheme leader who defrauded $35 million for crypto mining and other inves...

The Ringleader of a Crypto-Ponzi Scheme Arrested After a Flee Attempt Explore More

News

FBI Warns About the Emerging Fraud Related to COVID-19 Vaccine

The Office of Inspector General, U.S Department of Health and Human Services, FBI, and Centers fo...

FBI Warns About the Emerging Fraud Related to COVID-19 Vaccine Explore More

News

US Attorney General Warns about the Identity Theft this Holiday Season

The Federal Trade Commission states that more than 650,000 citizens’ identities have been comprom...

US Attorney General Warns about the Identity Theft this Holiday Season Explore More

News

Iran’s Finance Ministry Releases List of Individuals Suspected of Money Laundering

The Finance Ministry of Iran has released its first list of individuals suspected of having links...

Iran’s Finance Ministry Releases List of Individuals Suspected of Money Laundering Explore More

News

Shufti introduces react native app for customer convenience

Recently, Shufti launched its react native app for enhanced customer convenience. Shufti ...

Shufti introduces react native app for customer convenience Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started