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On 29 September 2006 the New Zealand Commerce Commission fined Westpac NZ$5.1 million for hidden foreign transaction fees, with most of the fine being reimbursement to affected customers, in the order of 12% of the fees actually charged. All other banks operating in New Zealand had either already been fined or were awaiting a court case.
The BACHO record format was established in the early 1960s. [3] From the 1967 establishment of Databank Systems Ltd consortium the format was used by the then five main trading banks: Bank of New Zealand, ANZ, National Bank, Commercial Bank of Australia and Bank of New South Wales (the latter merged to become Westpac).
The business venture ultimately failed, with Westpac selling the land by mortgagee sale, which resulted in a net surplus of $74,294 after clearing the mortgage. Later, when the bank pursued Shotter under the guarantee he gave, he was surprised to find they were pursuing him for the full $100,000 of the guarantee, rather than the net amount of ...
In November 2019, AUSTRAC took action against Westpac alleging "systemic non-compliance" with AML/CTF 23 million times and covering $11 billion of transactions, involving the failure to properly vet thousands of transactions that could be linked to child exploitation and live child sex shows in the Philippines and other parts of south-east Asia ...
Donnelly v Westpac Banking Corp (1999) 6 NZBLC 102,781 is a cited case in New Zealand confirming that where a party has cancelled a contract on unjustifiable grounds, can legally cancel the contract if justifiable grounds are later discovered.
In financial regulation, a Suspicious Activity Report (SAR) or Suspicious Transaction Report (STR) is a report made by a financial institution about suspicious or potentially suspicious activity as required under laws designed to counter money laundering, financing of terrorism and other financial crimes.
[34] [10] Deutsche Welle further notes that Deutsche Bank was responsible for $1.3 trillion worth of suspicious transactions, even after hundreds of millions in fines for violating US sanctions. [34] BuzzFeed News also reported that the files revealed Deutsche Bank was a major source of money laundering for organised crime, terrorists and drug ...
After they sold the boat, Aquamarine deposited the cheque in their overdrawn company bank account at Westpac, with the intention of issuing a cheque to Savin for the sale proceeds. However, before a cheque could be issued to Savin from the company bank account, Aquamarine was placed into liquidation, resulting in Savin not getting paid for his ...