Westpac has been hit with a lawsuit by AUSTRAC for its alleged “systemic” failure to comply with anti-money laundering and counter terrorism finance laws.
A former National Australia Bank branch manager has been sentenced to a year of home detention for engaging in fraud in relation to the bank’s scandal-ridden Introducer home loan program.
The National Australia Bank has admitted to most of the violations alleged in the Australian Securities and Investments Commission’s case over the bank’s $24 billion scandal-ridden ‘Introducer’ loan referral program.
The National Australia Bank faces the prospect of “significant monetary penalties” after self-reporting a potentially large number of money laundering and counter terrorism financing breaches to AUSTRAC and its overseas counterparts.
A hearing scheduled for next year in the Australian Securities and Investments Commission’s case against two NAB wealth management units will focus solely on how steep a penalty the bank should face after it made admissions about its fees for no service conduct.
The hearing for a class action against National Australia Bank over allegedly worthless credit card insurance will focus on whether the bank’s allegedly unconscionable behaviour in selling these policies was systemic or confined to individual cases.
A court has thrown out a breach of contract claim brought by two subsidiaries of property developer Minster Group against National Australia Bank, but found the bank must face a $1.2 million unconscionability claim over allegedly excessive fees.
National Australia Bank is setting aside a further $1.18 billion to compensate customers for dodgy adviser service fees, consumer credit insurance sales, and non-compliant advice.
Three syndicates of Lloyd’s London have failed in their bid to toss a case brought by National Australia Bank seeking £357 million ($655 million) in insurance claims relating to two consumer redress schemes in the UK.
The Australian Securities and Investments Commission has brought legal action against National Australia Bank over its scandal-ridden ‘Introducer’ loan referral program.