The Australian Prudential Regulation Authority has flagged potentially “substantial gaps in risk governance” by Westpac as it formally kicked off an investigation into the bank and its executives for potential breaches of the Banking Act.
AUSTRAC’s lawsuit against Westpac over 23 million alleged breaches of money laundering and counter-terrorism laws is racing towards a possible February penalty hearing, with the bank largely in agreement with the regulator on its liability.
The Australian Competition and Consumer Commission wants to block former We Buy Houses director Rick Otton from using the proceeds from the sale of his $3.6 million Bondi home to help with legal costs and living expenses as he appeals a record $6 million fine for consumer law violations.
A court on Thursday hit property spruiker We Buy Houses and its sole director, Richard ‘Rick’ Otton, with a record $18 million in total fines for misleading property investors with claims they could learn to buy real estate for $1.
The Australian Competition and Consumer Commission has launched its opening volley against consumer goods giant Kimberly-Clark Australia, saying its Kleenex ‘flushable’ wipes were unsuitable for sewers and septic tanks and an “enormous burden” on the Australian wastewater system.