Tag: Westpac Banking Corporation (WBC:ASX)

November 09, 2018 BY LeapRate Staff

Westpac pays AUD $3.3M fine for Bank Bill Swap Rate conduct

The Federal Court of Australia today has ordered Westpac Banking Corporation (Westpac) to pay a pecuniary penalty of $3.3 million for contravening s12CC of the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act) through its involvement in setting BBSW in 2010. In reasons for making the pecuniary penalty order, Justice Beach noted the legislative constraint…

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March 15, 2017 BY LeapRate Staff

Westpac and ANZ cited for FX inadequacies including confidential order leaks

Australia financial regulator ASIC has today accepted enforceable undertakings from Westpac Banking Corporation (WBC:ASX) and Australia and New Zealand Banking Group (ASX:ANZ) in relation to the banks' wholesale foreign exchange (FX) businesses. As a result of ASIC’s investigation, ASIC is concerned that between January 2008 and June 2013 both banks failed to ensure that their…

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September 08, 2016 BY Valentina Kirilova

Westpac Bank refunds $20 million in credit card foreign transaction fees

Westpac Banking Corporation (WBC:ASX) has recently refunded approximately $20 million to around 820,000 customers for not clearly disclosing the types of credit card transactions that attract foreign transaction fees. Following a customer complaint, Westpac notified ASIC that customers may have been incorrectly charged foreign transaction fees for Australian dollar transactions processed by overseas merchants. Because…

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