The regulator also estimates that 25,000 customers were charged more than $5 million in fees that had not been disclosed adequately. ASIC Deputy Chair Sarah Court said: ASIC is disappointed to have to yet again commence legal proceedings, on this occasion no fewer than six times, against a major bank. The conduct and breaches alleged…
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It has been suggested that upon market opening, at 8:30 am that day, Westpac traders obtained and then disposed of interest rate derivatives in an attempt to pre-position the company leading up to the confirmation of the swap transaction. Westpac allegedly held the above transaction knowledge when all of this took place, and that this…
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Westpac Banking Corporation announced reaching an agreement with the Australian Transaction Reports and Analysis Centre (AUSTRAC for 23 million alleged breaches of anti-money laundering laws. The bank agreed to pay $1.3 billion to settle the charges in the biggest penalty in Australian corporate history. Digital asset trading platform Bitfinex launched real-time market data feed to…
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Citigroup Pty Limited has refunded approximately $5 million to around 230,000 customers, for failing to properly disclose that credit card international transaction fees apply to Australian dollar transactions where the merchant uses an entity based overseas to process its transactions. In early 2016, Citibank began charging international transaction fees for Australian dollar transactions made with…
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ASIC has banned Mr Anthony Bishop of Chelmer, Queensland, from providing financial services for eight years. ASIC found that during the period between July 2010 to April 2014, when he was an employee representative of Westpac Financial Consultants Ltd (which is a part of the Westpac Banking Corporation), Mr Bishop was involved in the provision…
Read moreThe trial marked an unprecedented scale of institutional collaboration between the financial and technology communities exploring how distributed ledgers can be applied to global financial markets. Just released is a major blockchain announcement from financial technology innovation company R3 CEV. In short, they connected 40 banks to five different blockchains and allowed them to facilitate…
Read moreWestpac Banking Corp (NYSE:WBK) as reported early Tuesday morning from Reuters stated that its venture capital fund had invested an undisclosed sum in US based bitcoin start-up Coinbase in the first such deal by an Australian bank in the still developing digital currency. Westpac is Australia’s second largest bank by market value and said the investment would allow its…
Read moreThe Aussie dollar hit 6 month lows under 0.90 after the US Federal Reserve meeting where officials raised their forecast for the key interest rate. But perhaps more important for AUD were policy developments in China where we believe many in the market got the story wrong. Domestic events took a back seat for AUD…
Read moreWill the AUD stay at the 90 - 91 cent mark over next week after dropping this week?
Read moreAUD to struggle to break through the 94 cent mark? Sean Callow, Senior Currency Strategist of Westpac gives us the Aussie dollar's latest forecast
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