Business
Westpac anti-money laundering reporting troubles grow – The Australian Financial Review
Westpac says it has found hundreds of thousands more incomplete or non-existent reports to AUSTRAC of transactions of more than $10,000.
“Westpac continues to engage with AUSTRAC in relation to these TTR issues, and notes that the numbers above may change.”
Westpac first reported to the market it had issues with its ‘threshold transaction reports’ in addition to the failings set out by AUSTRAC in its initial statement of claim in its interim results on May 4.
It said then it had self-reported TTR issues to AUSTRAC relating to “an estimated 60,000 to 90,000 TTRs” that had not been reported to AUSTRAC.
That was higher than the l…
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