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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 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 ...
cash transactions of A$10,000 or more, or foreign currency of that value, international funds transfer instructions, either into or out of Australia, of any amount, and; suspicious transactions of any kind, being transactions the dealer may reasonably suspect of being part of tax evasion or crime, or might assist in a prosecution.
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.
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 ...
Westpac Banking Corporation, also known as Westpac, is an Australian multinational banking and financial services company headquartered at Westpac Place in Sydney, New South Wales. [ 2 ] Established in 1817 as the Bank of New South Wales , it acquired the Commercial Bank of Australia in 1981 before being renamed to Westpac Banking Corporation ...
For example, in the United States, suspicious transaction reports [3] must be reported to the Financial Crimes Enforcement Network (FinCEN), an agency of the United States Department of the Treasury. FinCEN maintains a team of analysts who meticulously review these Suspicious Activity Reports to detect potential money laundering activities.
Banking in Australia is dominated by four major banks: Commonwealth Bank, Westpac, Australia & New Zealand Banking Group and National Australia Bank.There are several smaller banks with a presence throughout the country which includes Bendigo and Adelaide Bank, Suncorp Bank, [1] and a large number of other financial institutions, such as credit unions, building societies and mutual banks ...