Business
Breaches and defections: Westpac under fire from multiple fronts – Sydney Morning Herald
Westpac understands only too well that capital is precious during the COVID-19 pandemic as it seeks to resolve its battle with AUSTRAC.
And so the merry dance between the regulator and the bank continues.
There is clearly a likelihood that more potential breaches will be found by Westpac as it continues to trawl through years of transactions relating to offshore transfers.
Federal Court Justice Jonathan Beach is already putting the acid on AUSTRAC to push the process along in order to avoid a drawn-out battle, and has indicated he would hear the case in the first few months of next year. To avoid the issue falling into court a…
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