19,427,710The number of times Westpac failed to report transfers in 10 days
3,516,238Failed to keep records of payer data
2,732,892Failed to include the required data in notifications
61,717Failed to report incoming transfers worth $100m
10,771Failed to report outgoing transfers worth $707m
Westpac chief executive Brian Hartzer was appalled and disgusted by allegations the bank’s payment systems had been used to fund child pornography, but has pushed back against the financial intelligence regulator's charge that senior executives did not care about the breaches.
The bank was hit by 23 million breaches of the anti-money laundering laws by AUSTRAC.
Loading...
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
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
Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
