The CEO of Westpac is still standing and has promised an independent review after millions of breaches of anti-money laundering laws were discovered. The bank is being taken to court by the financial intelligence agency, AUSTRAC, accused of breaching the laws 23 million times over the past five years. Westpac also allegedly failed to vet […]

One of the world’s biggest rating agency has downgraded the outlook of the credit ratings for state governments from “stable” to “negative”. Moody’s argues that the focus on delivering a 2020 budget surplus will put more pressure on the states amid a slowing economy where consumer confidence is low. Senior credit officer John Manning tells […]

Telstra will contact almost 180,000 customers affected by slow internet speeds after upgrading to high-speed NBN plans. The telco was court-ordered in 2017 to refund about 42,000 customers who were not receiving advertised NBN speeds. But Telstra has failed to fulfil a court-ordered check of speeds delivered to customers four weeks after they set up […]

Westpac has been accused of breaching 23 million anti-money laundering and counter-terrorism finance laws. AUSTRAC has launched legal action against the bank, alleging Westpac systems were used by 12 individuals linked to child exploitation and live child sex shows in the Philippines and other parts of south-east Asia. AUSTRAC alleges 2944 transactions, totalling $480,000, were […]

A majority of Australians are concerned their jobs will be taken over by robots or computers within 30 years, according to a new survey. A Unions NSW survey of 1075 people found two-thirds agree it should be illegal for employees to be required to work unpaid overtime in jobs paying less than $100,000 annually. A […]

The Commonwealth Bank will refund $12 million to around 30,000 customers who were caught up in an illegal CommInsure scheme. The CBA is pleading guilty to selling life insurance to customers through unsolicited phone calls in late 2014. The bank faces potential fines of up to about $1.85 million. ASIC Deputy Chairman Dan Crennan tells […]