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Westpac says money laundering and counter-terrorism breaches may be 450,000 more than suspected

July 28, 2020 at 02:35AM

Bank discloses more breaches to Austrac in response to scandal that resulted in legal action and resignation of CEO and chairman

Westpac says an internal investigation has discovered it may have breached anti-money laundering and counter-terrorism finance laws on up to 450,000 occasions more than it previously thought.

The investigation was ordered in response to a money-laundering and child-exploitation scandal at the bank that resulted in legal action against it by the regulator and the resignation of its chief executive and chairman.

Related: Westpac admits it has failed to fix culture that contributed to money-laundering scandal

Continue reading… via Banking | The Guardian

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