Australia's largest stock trading and investment forum Australia's #1 stock forum

SP1

0.00%

$1.07 southern cross payments ltd

"ISX did not break any laws... obviously ASIC agree since they...

First 328 Last

Share
Profile

Follow
naomhan

1,169 Posts.

1043

07/11/22

20:28

Post #: 64636075
Share

Originally posted by itzgr82balive: ↑

Actually @pomhat, it is you that does not get it. For you to say that "none of them were done deliberately or knowingly", is naive (or alternatively deceptive) and incorrect. Westpac bank wrote an application Litepay specifically to allow customers to avoid the aml checking procedures which allowed pedophiles and crooks to bypass aml. NAB knew it was contravening AML laws and was working to rectify it.

Yes, all the banks need to do (because they are big and wealthy) is 'fess up', use shareholder money to pay the fee, and move on. No harm to the banks as it is a small % of the banks' profits. Westpad obviously knew what they were doing if there was a decision to write litepay. So give me a break about the complexity of the bank being the reason AML laws were broken. Frankly, they just didn't care and thought it didn't matter, "because the man on the street didn't care" - a fact that one of the directors of Westpac said (and was leaked).

Conversely, ISX/SP1 maintains that it did not break any laws- a fact that obviously ASIC agrees with since it has taken JK and ISX to civil court, not criminal court. You obviously are making a judgment that ISX/SP1 should have pled guilty and copped the fine when it maintains they did not breach any rules or laws.

Expand

"ISX did not break any laws... obviously ASIC agree since they took ISX and JK to civil court not criminal court."

This is factually incorrect. ASIC's claim literally states about 10 sections of law, while saying "ISX has contravened section X.X". Criminal vs civil has nothing to do with "we didnt break the law".

We did. We were caught by ASIC. They then brought charges against us. Civil charges. As stipulated in the statutes for the laws we broke.

SP1 Price at posting: $1.07 Sentiment: Sell Disclosure: Held
4 Upvote

2 Great analysis

Reply

Top Stories

PXX

Polarx discovers thick sulphide mineralisation at Alaskan Cu project

ASX200 dives as inflation clocks in at 4% – higher than 3.8% consensus

SS1

Sun Silver gets that drill to thrill feeling from high grade hits at Maverick Spring

PGD

Peregrine extends high-grade gold shoot, sniffs anomalism at WA's Tin Can

IBG

Ironbark eyes lithium and niobium opportunities with 7 new Brazilian projects