The financial crimes regulator alleges Westpac Banking Corp engaged in widespread, systemic and frequent failures to adhere to anti-money laundering laws and hampered its ability to prevent child exploitation.
AUSTRAC chief executive Nicole Rose said the bank was "deficient" in multiple areas and failed to report 19.5 million international fund transfers over five years.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
James Frost writes about banking, funds management and superannuation. Based in Melbourne, James has been reporting on specialist business and finance topics for 15 years. Connect with James on Twitter. Email James at james.frost@afr.com
