Australia’s AML regulator takes action against Westpac
Large lender found to have breached AML regulation millions of times
Australia’s second largest bank may be facing a record fine after it was found to be in breach of anti-money laundering (AML) regulations on 23 million occasions.
Wespac Banking Corporation Australia has been accused of “systemic non-compliance” with the Anti-Money Laundering and Counter Terrorism Financing Act 2006 by the country’s AML regulator, Austrac.
Today (November 20), Austrac applied to the Federal Courts of Australia for a civil penalty order. According to a report released alongside
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