Australia’s Westpac admits multiple AML/CFT breaches
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.
You need to be logged in to view this article.
If you are an existing subscriber please enter your credentials to log in.
To become a member of The Association of Trade Finance Compliance Professionals (ATFCP) click here!
Tags In
Related Posts
Trade Based Financial Crime
Trade Based Financial Crime
This online training course provides you with the technical knowledge required to succeed within the trade finance compliance landscape.