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‘Immature, reactive, inadequate’: APRA slams Westpac’s risk culture – Sydney Morning Herald
The prudential regulator has slammed the country’s second largest bank’s approach to risk and governance in a sign the anti-money laundering saga is not going away….
Westpac also launched an internal probe into the bank’s risk policies that allowed 23 million breaches of anti-money laundering laws, which found serious failures in technology, expertise and chains of accountability.
Westpac said APRA’s review had made similar findings but the regulator was unconvinced the bank had made significant improvements in these shortcomings. “A more holistic and integrated program addressing the full scope of financial and non-financial risk issues and their root causes,…
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