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Westpac’s $1.3b fine a ‘wake-up call’ for all banks – 24 September 2020
Westpac will pay a $1.3 billion penalty for breaching anti-money laundering and counter terrorism financing laws. The bank admitted to 23 million breaches of the laws, including failing to report international transactions amounting to $11 billion and the insufficient monitoring of customers making suspicious transactions.
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Commonwealth Bank and St George held accounts for Options Rider investor scam, FinCEN files show – 24 September 2020
Former US Army soldier Carmelita Roque, was a victim of the Options Rider investment scam which used Australian bank accounts. The AFP began investigating Options Rider in mid-2015 and eventually restrained funds in 37 different bank accounts at various Australian banks and financial institutions. The alleged controller of the syndicate behind Options Rider in Australia was Kristijan Krsti, who fled the country but was arrested by Serbian police in July over further alleged investment scams.
https://www.abc.net.au/news/2020-09-23/options-rider-scam-named-in-fincen-files/12690472
Mask wearing creates a face-recognition crisis – 24 September 2020
Mandatory face masks have helped contain the COVID-19 surge in Victoria – but as masks increasingly become part of the ‘new normal’, businesses must revisit their security protocols around identification of individuals.
https://ia.acs.org.au/article/2020/mask-wearing-creates-a-face-recognition-crisis.html
J.P. Morgan set to cough up US$1bn – 24 September 2020
J.P. Morgan Chase & Co is set to pay close to $1.4 AUD billion to shut down regulatory and government agency probes into market manipulation allegations, on its precious metals and treasuries trading desk. This would be a record penalty for spoofing, an illegal form of market manipulation in which a trader places large orders to either buy or sell an asset, with no intention of executing the trade.
https://www.financialstandard.com.au/news/j-p-morgan-set-to-cough-up-us-1bn-173982332
