Australian regulator accuse Westpac of biggest money laundering breach in nation's history

Posted by Aktis Team on 20 November 2019

Australian regulator accused Westpac of the biggest money laundering breach in the nation’s history

Westpac is being accused by the Australian Transaction Reports and Analysis Centre of failing to monitor and report A$11bn ($7.5bn) in international fund transactions. Suspicious transactions include relation to potential child exploitation in Asia. While Westpac says it was implementing measures to improve its anti-money laundering processes, the bank faces huge fines if allegations are proved in court.

 

The Financial Times, Jamie Smyth, 20th November 2019

Topics: News Watch, Oceania