Australia’s Westpac Banking has said in a defence filing in court that it “made a large number of admissions” of failures in a case where it stands accused of 23 million breaches of anti-money laundering and counter-financing of terrorism (AML/CFT) laws. 

The Sydney-based lender now admits its failure to correctly report various international transfers of funds as required by law, adding that it accepted the gravity of the issues raised by the regulator AUSTRAC.

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