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…
-
Noosa News23 hours agoFamily’s heartbreak after Trevor Doyle found dead in park in Logan
-
General23 hours agoTwo men involved in fatal helicopter accident charged over stealing crocodile eggs from Kakadu National Park
-
General11 hours agoQueensland announced as 2027 Women’s Softball World Cup host in first Australian event since 1965
-
Noosa News13 hours agoInquest into Rosemarie Campbell’s death three days after gastric bypass surgery hears of ‘massive loss’ to family