Tag: banking
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Westpac to Pay Largest Fine in Australian Corporate History
Westpac has agreed to pay AUSTRAC (the Australian Transaction Reports and Analysis Centre) $1.3 billion in fines, the largest in Australian corporate history. The penalty was incurred after AUSTRAC found that Westpac had committed more than 23 million violations against anti-money laundering and counter-terrorism laws. CEO Peter King commented in a statement that the bank…
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NAB interest rate rise is causing outrage
The National Australia Bank (NAB) is receiving heavy criticism for its decision to raise its interest rates yesterday, just hours after the US Federal Reserve raised its interest rates. The NAB raised its residential investment home loan variable rate by 25 basis points from 5.55% to 5.8% per annum. They also raised their standard variable rate for owner-occupiers…
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Deutsche Bank pays $9.5 billion for contributing to GFC
Deutsche Bank this week reached a final settlement with the US Justice Department over their handling of mortgage-backed securities prior to 2008. The bank agreed to pay $9.5 billion (or US$7.2 billion) and admitted to misleading investors. Deutsche Bank admitted to misleading customers about the loans underlying the securities, including falsely claiming that loans had been…
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CommBank chief first to face Parliament over banking scandals
Executives of Australia’s big four banks will each be questioned individually for three hours in Parliament by a cross-party group of 10 MPs from the House of Representative Standing Committee of Economics this week, ahead of a year filled with scandals and controversies within the banking industry. Facing the Parliament today will be Commonwealth Bank chief Ian…
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ANZ is the first Australian bank to switch on Apple Pay
ANZ has become the first bank to support Apple Pay meaning those with an ANZ Visa card can make payments using their iPhone. Users will be able to register their cards and use their iPhones or Apple Watches to pays for goods on payment terminals that support tap and pay. They’ll also be able to use…