The embattled bank has unveiled its own findings into the millions of breaches of anti-money laundering law ahead of a potential billion-dollar penalty.
Westpac’s failure to properly adhere to AUSTRAC guidance occurred due to “deficient financial crime processes, compounded by poor individual judgements”.
Westpac identified three primary causes of its failure to comply with AML/CTF laws, including that some areas of AML/CTF risk were not sufficiently understood within Westpac; that there were unclear end-to-end accountabilities for managing compliance; and that there was a lack of sufficient AML/CTF expertise and resourcing.
“While the compliance failures were serious, the problems were faults of omissions,” said chief executive Peter King. “There was no evidence of intentional wrongdoing.”
More to come.
ASIC says it does not expect superannuation trustees to check every SOA, despite concerns that the first QAR bill would ...
A new report from Adviser Ratings revealed more advice firms are actively working to increase their client load, ...
The FSC CEO has acknowledged the scepticism around adding advice businesses to the board but said the industry body is ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin