Money laundering is the process of illegally concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions with varying definitions. It is usually a key operation of organized crime.
HSBC Holdings plc, originally The Hongkong and Shanghai Banking Corporation, and known locally as HongkongBank in Hong Kong, Canada and Australia during the 1980s-90s, is a British universal bank and financial services group headquartered in London, England, with historical and business links to East Asia and a multinational footprint. It is the largest Europe-based bank by total assets, ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 trillion in assets under custody (AUC) and $4.9 trillion in assets under administration (AUA).
Standard Chartered plc is a British multinational bank with operations in consumer, corporate and institutional banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retail banking in the UK, and around 90% of its profits come from Asia, Africa, and the Middle East.
National Australia Bank is one of the four largest financial institutions in Australia in terms of market capitalisation, earnings and customers. NAB was ranked the world's 21st-largest bank measured by market capitalisation and 52nd-largest bank in the world as measured by total assets in 2019.
The Commonwealth Bank of Australia (CBA), or CommBank, is an Australian multinational bank with businesses across New Zealand, Asia, the United States, and the United Kingdom. It provides a variety of financial services, including retail, business and institutional banking, funds management, superannuation, insurance, investment, and broking services. The Commonwealth Bank is the largest Australian listed company on the Australian Securities Exchange as of August 2015, with brands including Bankwest, Colonial First State Investments, ASB Bank, Commonwealth Securities (CommSec) and Commonwealth Insurance (CommInsure). Its former constituent parts were the Commonwealth Trading Bank of Australia, the Commonwealth Savings Bank of Australia, and the Commonwealth Development Bank.
ANZ Bank New Zealand Limited is a New Zealand banking and financial services company, which operates as a subsidiary of Australia and New Zealand Banking Group Limited of Australia. ANZ is one of New Zealand's big four banks, and is the largest bank in New Zealand with approximately 30% of market share as of March 2021.
BankSA, formerly known as the Bank of South Australia, the State Bank of South Australia and the Savings Bank of South Australia is the largest bank in South Australia. It is a subsidiary of Westpac.
The Australia and New Zealand Banking Group Limited (ANZ) is a multinational banking and financial services company headquartered in Melbourne, Victoria, Australia. It is Australia's second-largest bank by assets and fourth-largest bank by market capitalisation.
Gail Kelly is a South African-born Australian businesswoman. In 2002, she became the first female CEO of a major Australian bank or top 15 company and in 2005 was the highest paid woman in an Australian corporation. She is the former chief executive officer (CEO) of Westpac, a role she held from 2008 to 2015. In 2010 Kelly was named 8th most powerful woman in the world by Forbes and as of 2014, she is listed in 56th place.
David Raymond Morgan is an Australian businessman. He was respectively managing director, executive chairman and chairman of J.C. Flowers & Co. in charge of Europe and Asia Pacific 2009 to 2016. He also served on the firm's Management Committee. He was also a chairman of J.C. Flowers (Australia) Pty Limited and a global operating partner of JC Flowers & Co. LLC.
John McFarlane OBE is a British businessman. He served as group chairman of Barclays from 2015 to 2019. Since 2020, McFarlane has served as Chairman of Westpac.
Australian Transaction Reports and Analysis Centre (AUSTRAC) is an Australian government financial intelligence agency responsible for monitoring financial transactions to identify money laundering, organised crime, tax evasion, welfare fraud and terrorism financing. AUSTRAC was established in 1989 under the Financial Transaction Reports Act 1988. It implements in Australia the recommendations of the Financial Action Task Force on Money Laundering (FATF), which Australia joined in 1990.
The Bank of Papua New Guinea is the central bank of Papua New Guinea, which has a core mandate to ensure price stability and maintain macroeconomic growth. To achieve this, it discharges four main functions; 1. responsible for the formulation and implementation of monetary policy, 2. ensure financial system development and stability, 3. ensure the payment system remain efficient, and 4. provide a banking role to the Government. It also manages the country's foreign reserves, issue the country's currency, manages the gold and foreign exchange of Papua New Guinea.
The four pillars policy is an Australian Government policy to maintain the separation of the four largest banks in Australia by rejecting any merger or acquisition between the four major banks. The policy, rather than formal regulation, first articulated in 1990, reflects the competitive concerns of more concentration as well as the broad political unpopularity of further bank mergers. A number of economically liberalist commentators have argued that the "four pillars" policy is built upon economic fallacies and works against Australia's better interests.
Westpac Banking Corporation, known simply as Westpac, is an Australian multinational banking and financial services company headquartered at Westpac Place in Sydney, New South Wales.
Promontory Financial Group, a wholly owned subsidiary of IBM, is a global consulting firm that advises clients on a variety of financial services matters, including regulatory issues, compliance, risk management, liquidity, restructuring, acquisitions, due diligence, internal investigations and cyber security.
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom which operates independently of the UK Government and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom.
Lindsay Maxsted is an Australian businessman. He served as the chairman of the board of Westpac.
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, also known as the Banking Royal Commission and the Hayne Royal Commission, was a royal commission established on 14 December 2017 by the Australian government pursuant to the Royal Commissions Act 1902 to inquire into and report on misconduct in the banking, superannuation, and financial services industry. The establishment of the commission followed revelations in the media of a culture of greed within several Australian financial institutions. A subsequent parliamentary inquiry recommended a royal commission, noting the lack of regulatory intervention by the relevant government authorities, and later revelations that financial institutions were involved in money laundering for drug syndicates, turned a blind eye to terrorism financing, and ignored statutory reporting responsibilities and impropriety in foreign exchange trading.
The Australian Banking Association (ABA), formerly the Australian Bankers' Association, is the trade association for the Australian banking industry. The ABA was founded in 1985 and is based in Sydney, New South Wales. The ABA represents twenty-two banks and associate members. It provides analysis, advice, and advocacy for the banking industry and contributes to the public policy development on banking and other financial services.
