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With class actions likely, Westpac gives share purchasers a way out
Financial Services 2019-11-28 11:34 pm By Cat Fredenburgh

Embattled banking giant Westpac may be seeking to limit its potential liability in any shareholder class actions it may face in the wake of AUSTRAC’s lawsuit alleging 23 million breaches of anti-money laundering and counter-terrorism financing laws, with the bank offering to refund some of those that purchased shares as part of a $2.5 billion capital raising.

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Dentons defends Afterpay money laundering advice
Financial Services 2019-11-26 5:30 pm By Cat Fredenburgh

Dentons is standing by the legal advice it gave to Afterpay regarding its compliance with anti-money laundering laws, after an independent auditor found the buy now, pay later company received “incorrect” advice from top-tier Australian law firms.

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Westpac CEO steps down following AUSTRAC lawsuit
AUSTRAC 2019-11-26 11:59 am By Miklos Bolza

Westpac CEO Brian Hartzer has stepped down after admitting he was “ultimately accountable” for failures detailed in an AUSTRAC lawsuit alleging over 23 million breaches of anti-money laundering and counter-terrorism financing laws.

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Top tier law firms gave Afterpay bad advice on anti-money laundering compliance, auditor says
Financial Services 2019-11-25 10:24 pm By Cat Fredenburgh

Buy now, pay later giant Afterpay got bad legal advice from “top tier Australian law firms” on its anti-money laundering compliance, an auditor’s report has found.

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AUSTRAC sues Westpac for ‘systemic’ money laundering failures
Financial Services 2019-11-20 10:30 am By Cat Fredenburgh

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.

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