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This Week in Penalties...

Australian Securities and Investments Commission

False and Misleading

Former NAB employee Matthew Alwan has been sentenced to 12 months in prison for making false and misleading statements in relation to 24 home loans organised through NAB’s Introducer Program.

Hawking Offences

Colonial Mutual Life has pleaded guilty to 87 counts of offering insurance products, breaching the rules captured in s992A(3) in the Corporations Act on the hawking of products to consumers.

Financial Adviser

Perth Adviser Lawrence O'Neill is banned from providing financial services for four years. The regulator alleged that the O'Neill failed to consider his consumers' particular circumstances and failed to disclose potential conflicts of interest.

Australian Competition and Consumer Commission

Safety Standards

Hai Feng International has been ordered to pay a penalty of $12,600 after being served with an infringement notice for supplying vehicle jacks that breach Consumer Product Safety Standards.

Australian Transaction Reports and Analysis Centre

Alleged AML/CTF Contraventions

Earlier this week, the Financial Intelligence Unit (FIU) reported that Westpac Banking Corporation contravened the AML/CTF Act 23 million times.

In a statement, the FIU said, “Westpac has previously disclosed (including in its Full Year 2019 reporting) that it had self-reported a failure to report a large number of international funds transfer instructions (IFTIs) to AUSTRAC and that AUSTRAC was also investigating a number of other areas relating to Westpac’s processes, procedures and oversight.”


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