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Westpac is now facing at least eight class actions in various US courts seeking $200 million from the bank for allegedly failing to alert shareholders to violations of anti-money laundering laws.
A US-based plaintiffs firm is planning a class action against Westpac alleging it failed to alert investors to significant lapses in its anti-money laundering and counter-terrorism finance compliance, which led to a bombshell lawsuit by AUSTRAC last year.
Two National Australia Bank units have been hit with a class action alleging they violated their duties as superannuation trustees by allegedly failing to transfer members to funds with lower fees.
National Australia Bank will be hit this year with an estimated $750 million in fines stemming from its fees for no service conduct and potential breaches of money laundering laws, analysts have predicted.
Westpac is facing a class action on behalf shareholders in three countries over its alleged anti-money laundering and counter-terrorism financing breaches and disclosures.
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.
CBA subsidiary Avanteos Investments Limited has been hit with extra conditions on its superannuation licence by the Australian Prudential Regulation Authority after it was revealed the investment management firm charged fees to thousands of deceased superannuation members.
APRA's chairman has told Parliament that the regulator is "actively considering" what action it should take against Westpac in light of recent allegations by AUSTRAC that the bank breached anti-money laundering laws on 23 million occasions.
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.