Westpac's $1.3 billion fine is the largest civil penalty issued in Australian corporate history, dwarfing all other fines handed down for misconduct | CharlotteGriev1
after it admitted to misleading, false and deceptive conduct for charging $117 million worth of fees to superannuation fund members for services that were never provided.for breaking anti-money laundering laws after failing to alert regulators to reports of suspicious customers on 108 occasions over more than five years.
. Both fines were for providing money remittance services through unregistered remittance businesses, and at the time were described as the largest fine handed down by AUSTRAC since it was set up in 1989.by AUSTRAC in 2017 for failing to have all its affiliates registered with the regulator and for continuing to provide services through businesses not registered as Ria affiliates.
The super fund for hospitality workers was offering advice through Industry Fund Services Limited but an ASIC investigation found this was not in fact "independent" as Hostplus employees were appointed as authorised representatives to provide financial advice under IFS' license and the fund paid fees to IFS for these services.
in 2017 in compensation to thousands of retirees who put their life savings into a fund that collapsed in 2008. Not a penalty but worth noting - ripping people off is expensive.
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