Edmund How Fen Yong is the applicant who commenced a class action against Westpac Banking Corporation in the Federal Court of Australia on December 17, 2019. The class action represents all persons who purchased Westpac shares or certain securities between December 16, 2013, and November 19, 2019. Mr. Yong alleges that Westpac breached the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and associated rules, failed to disclose material information in a timely manner under continuous disclosure obligations, and engaged in misleading and deceptive conduct. These alleged breaches caused loss and damage to shareholders during the relevant period. The class action seeks compensation for investors who suffered losses when Westpac's breaches became public, including Westpac's failure to report millions of international funds transfer instructions and serious non-compliance with AML/CTF laws, which led to a record $1.3 billion fine for Westpac. The law firm Phi Finney McDonald is representing the applicant and group members, and the action is funded by Woodsford Group Limited. Group members were notified of their rights and the option to opt out if they did not wish to participate.

In summary, Edmund How Fen Yong is leading a significant class action lawsuit against Westpac Banking Corporation due to alleged breaches of anti-money laundering regulations, inadequate market disclosures, and misleading conduct, which resulted in financial losses for shareholders over several years.