Most Recent
AUSTRAC’s record $1.3B penalty for Westpac’s money laundering breaches wins court OK
Allens 2020-10-21 2:50 pm By Christine Caulfield Melbourne
A judge has given the greenlight to AUSTRAC's $1.3 billion penalty against Westpac over the bank's 23 million breaches of money laundering and counter-terrorism laws, the biggest regulatory fine ever paid by an Australian company.
Societe Generale hit with $30,000 penalty for criminal breaches of client money rules
ASIC 2020-10-21 1:08 pm By Christine Caulfield Melbourne
The Australian unit of French investment bank Société Générale must pay a $30,000 penalty after pleading guilty to four counts of breaching client money handling rules.
Banned celebrity financial advisor Sam Henderson fined $10,000
ASIC 2020-10-20 4:47 pm By Cat Fredenburgh Melbourne
Former celebrity advisor and banking royal commission witness Sam Henderson has avoided jail time and been fined $10,000 after pleading guilty to dishonesty and defective disclosure offences for falsely telling clients he had completed a Master of Commerce degree.
In partial win for QBE, judge pares back ANZ add-on insurance class action
ANZ 2020-10-20 9:36 am By Christine Caulfield Melbourne
A judge has sided in part with QBE Insurance and pared back a class action over allegedly worthless add-on insurance sold by ANZ to credit card and personal loan customers.
Judge fines NAB $15M, questions ASIC’s ‘introducer’ investigation
Amelia Avery-Williams 2020-10-19 6:01 pm By Miklos Bolza Sydney
A judge has slapped National Australia Bank with a $15 million penalty over its scandal-ridden home loan introducer program but slammed ASIC's investigation into the program, saying there was no "real regulatory desire to pursue a thorough investigation as to what in truth occurred".
Flexigroup tries again to overcome Zip opposition to ‘no interest’ trade mark
Appeals 2020-10-19 9:46 am By Cat Fredenburgh Melbourne
Fintech Flexigroup has appealed rival Zip Co's successful opposition to its 'No Interest Ever!' trade mark, which an IP Australia delegate found was a laudatory phrase incapable of distinguishing the goods of a single trader.
Judge backs ASIC plan to ban OTC binary options as issuers hit with $75M penalty
Angus Christophersen 2020-10-16 4:52 pm By Christine Caulfield Melbourne
Over-the-counter derivative issuers AGM Markets, OT Markets and Oxifin Tech have been ordered to pay a total of $75 million in penalties after a ruling that they engaged in unconscionable conduct causing losses of over $30 million to unsophisticated investors seeking what a judge called "financial heroin hits".
‘Solicitors love them’: Judge rails against discovery ‘tsunami’ in class actions
Catherine Button 2020-10-15 11:47 am By Miklos Bolza Sydney
The judge overseeing a class action against Westpac over superannuation fees has criticised costly discovery processes that produce a "tsunami of material", most of which is never used at trial.
AUSTRAC won’t pursue Afterpay after auditor found it got bad legal advice
AUSTRAC 2020-10-14 1:19 pm By Cat Fredenburgh Melbourne
Financial crimes regulator AUSTRAC will not take legal action against Afterpay over its compliance with anti-money laundering laws, following an external auditor's report that found the buy now, pay later provider had received "incorrect" legal advice from several top-tier law firms about its compliance program.
In plea to court, Mayfair’s Mawhinney tries to salvage Mission Beach investments
Ashurst 2020-10-13 3:43 pm By Miklos Bolza Sydney
The director of the besieged Mayfair investment group will submit a new noteholder proposal to the court in an effort to stave off the winding up of M101 Nominees and salvage his multi-million dollar Dunk Island and Mission Beach investments.