Lately, controllers accused Australia’s Westpac Banking Corp. of 23 Million infringes of anti-money laundering laws, stating the banking titan ignored indications and allowed payments for years from convicted child sex criminals and “high risk” nations. The supervision failure at Australia’s second-biggest bank caused deep systemic non-observance with anti-money laundering laws, AUSTRAC (a financial crime watchdog) stated during a civil court filing. The controller is pursuing penalties of around $14 Million (A$21 million) for every deal Westpac failed to track sufficiently or report on time in the nation’s biggest money-laundering indignity. Theoretically, that can add up to almost A$483 trillion in penalty.
The proceedings dominated a case AUSTRAC brought in opposition to larger CBA (Commonwealth Bank of Australia) which approved to pay A$700 million penalty in the last year following admitting to permitting 53,750 payments that breached similar set of rules. It also brought fresh examination to an industry still attempting to restructure community trust subsequent to a yellowing Royal Commission public investigation. In the court filing, AUSTRAC said, “These infringements are the outcomes of systemic breakdowns in its control surroundings, unresponsiveness by senior management, and insufficient oversight by the board.”
Similarly, Westpac was in the news as the bank posted AU$6.8 billion profit since it developed a new “bank-as-a-service” platform. Reportedly, Westpac is gearing up for a digital future, declaring in the recent time that it is spending in a new digital-only banking system. As per CEO Brian Hartzer, the novel platform will balance Westpac’s current banking businesses. While delivering the bank’s financial results for 2019, Hartzer said, “This will originally operate a bank-as-a-service representation and we plan to bring innovative digital products and services to promote via fintech and institutional associates. This will facilitate Westpac to attain a new group of clients plus create value for our collaborators by improving the service providing to their own customers.”
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