Westpac and AUSTRAC have agreed that the proposed penalty reflects the seriousness and magnitude of compliance failings by Westpac. The Federal Court of Australia will now consider the proposed settlement and penalty.What is the latest news about Westpac Bank?
From Westpac interest rates and credit cards to home loans, we have all the latest banking news. A big four bank has uncovered a huge potential fraud and is chasing the suspected ‘external perpetrator’ in court.Is there a penalty for WestPac breaching the AML?
Westpac and AUSTRAC have today agreed to a 1.3 billion dollar proposed penalty over Westpac’s breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). Westpac and AUSTRAC have agreed that the proposed penalty reflects the seriousness and magnitude of compliance failings by Westpac.Why did Westpac fail to submit Ifti reports to AUSTRAC?
“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.”