Even after junior and mid-level staff found problems almost straight away in response to an urgent review of money-order reporting in August 2017, the information struggled to make its way upwards.
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Westpac failed to alert the anti-money laundering agency about 29 million international transactions – made with some of the pillars of the global financial system – for 15 months after the problem was first discovered.
Confidential Westpac letters to AUSTRAC show the size of Westpac's breach is much worse than publicly disclosed, but six million contraventions can't be prosecuted because they are outside the statute of limitations.
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Original URL: https://www.afr.com/companies/financial-services/westpac-papers-reveal-trail-of-human-it-failure-20191125-p53dwz
