Business
Westpac shredded again at penalty hearing – The Australian Financial Review
Westpac has copped another round of stinging criticism in a Federal Court hearing where the Judge said he considered whether the penalty was big enough.
“The other specific concern was with Westpacs correspondent banking relationships. Clearly such relationships produce higher money laundering and terrorism financial risks of particular concern are risks associated with the transparency of the identity and source of funds of correspondent banks. Westpac failed to properly monitor Vostro accounts and ACM arrangements payment flows,” Justice Beach said.
“This increased Westpacs exposure to money laundering and terrorism financing risks and even more…
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