This is the new MLex platform. Existing customers should continue to use the existing MLex platform until migrated.
For any queries, please contact Customer Services or your Account Manager. Dismiss

Australia's Westpac faces ASIC investigation following money-laundering probe, agency confirms

( November 25, 2019, 05:30 GMT | Official Statement) -- MLex Summary: Westpac is being investigated by the Australia's corporate regulator following the news that the bank repeatedly failed to comply with the country's anti-money laundering law. The Australian Securities and Investments Commission, or ASIC, said it opened the probe on Thursday last week and that it will look at "possible breaches of legislation that it administers." The country's financial-intelligence agency, known as Austrac, launched civil penalty-order proceedings against the bank for over 23 million suspected breaches of the anti-money laundering law, which included allegations that the lender failed to spot financial transactions linked to suspected child exploitation. ASIC hasn't revealed the nature of the allegations it's investigating.The full statement from an ASIC spokesperson follows. ...

Prepare for tomorrow’s regulatory change, today

MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.


Know what others in the room don’t, with features including:

  • Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
  • Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
  • Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
  • Curated case files bringing together news, analysis and source documents in a single timeline

Experience MLex today with a 14-day free trial.

Start Free Trial

Already a subscriber? Click here to login