AUSTRALIA: THE WESTPAC AML/CFT FAILURES – WHAT WENT WRONG?

WRONG?

Risk Screen has produced a White Paper examining problems encountered by Australia’s second-largest bank, which had been fined £710 million in October 2020.  The White paper cites too few employees with the requisite skills, experience, and expertise at the operational level to effectively manage the AML/CFT risk as one of the many explanations behind what went wrong at Westpac.

https://go.riskscreen.com/white-paper/riskscreen_westpac_aml_ctf_failures_what_went_wrong

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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