September 24, 2020 BY Steffy Bogdanova

Westpac to pay $1.3 billion fine to settle money laundering charges with AUSTRAC

Rose continued: Westpac’s failure to implement effective transaction monitoring programs, and its failure to submit IFTI reports to AUSTRAC and apply enhanced customer due diligence in relation to suspicious transactions, meant AUSTRAC and law enforcement were missing critical intelligence to support police investigations. In the original statements against Westpac, the Australian watchdog AUSTRAC identified a…

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