Australia’s second largest bank admits to non-compliance to money laundering counter terrorism laws

On Friday, in a defense filing in Federal Court, Australia’s Westpac Banking Corp admitted that in a number of cases, it has failed to comply with anti-money laundering and counter terrorism laws.

Westpac Banking Corp, Australia’s second largest bank admitted in court that it had failed to correctly report various international transfers of funds as required by law.

Westpac also admitted that it failed in its record keeping and customer due diligence duties; it also admitted to non-compliance of breaches of certain correspondent banking obligations.

Australia’s regulator AUSTRAC has accused the bank of ignoring red flags and enabled payments, for years, from convicted child sex offenders, as well as from “high risk” countries.

Westpac has set aside A$900 million ($580 million) for an expected fine from the case.

“Westpac and AUSTRAC continue to engage constructively and are discussing a Statement of Agreed Facts and Admissions,” said Westpac in statement on Friday.

The case against Westpac comes just months after a government mandated inquiry into the financial sector found thousands of instances of misconduct.



Categories: Creativity, Economy & Finance, Entrepreneurship, HR & Organization, Regulations & Legal, Strategy

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: