Regulation

The Federal Court has ordered Westpac to pay an agreed $1.3 billion penalty for breaching anti-money laundering and counter-terrorism financing laws.

The financial institution has been sentenced in Sydney’s Downing Centre Local Court on charges brought by ASIC relating to client money offences.

A debt relief company has been at the receiving end of interim court orders and injunctions for providing unlicensed financial services.

Approximately 1,800 consumers will be remediated more than $4 million and receive interest rate reductions from Volkswagen Financial Services Australia as part of a court enforceable ...

The Federal Court has ordered a big four bank to pay a $10-million penalty after finding that it breached its licensing obligations in respect of fees charged to retail and business banking ...

Lenders have received best practice guidance from the prudential regulator regarding the management of loans on repayment holidays.

The regulator has amended its prudential guidance to provide lenders with “additional flexibility” when reviewing loan terms for borrowers impacted by the COVID-19 crisis.

Th corporate regulator has issued guidance to help emerging financial services harness the federal government’s enhanced regulatory sandbox.

The stage 4 lockdown in Melbourne has prompted Treasury to revise down its forecasts for the Australian economy.

A parliamentary committee is set to scrutinise APRA and ASIC on their “performance and operation” amid the COVID-19 crisis.