November 20 2019
Australia’s financial crime fighting agency has accused Westpac of the biggest breach of money laundering laws in the nation’s history. It alleges that the bank did not adequately monitor and report A$11bn ($7.5bn) in suspicious transactions that included transfers related to potential child exploitation.
A legal case initiated by the Australian Transaction Reports and Analysis Centre on Wednesday detailed how the country’s second-biggest bank by market capitalisation failed to report international fund transactions worth more than A$11bn between 2013 and 2019 in a timely fashion to the regulator, as required by law.
