Business
Westpac’s anti-money laundering issues widen with more reporting failures – Sydney Morning Herald
Further investigations into Westpac’s breaches of anti-money laundering laws have revealed 175,000 transactions that it failed to report to the regulator.
But with some parts of the case being contested, Westpac has not yet reached a settlement with the watchdog, which has in recent months been demanding more information and could lodge an updated statement of claim in the blockbuster case.
The latest reporting failures relate to threshold transaction reports (TTRs), which are reports that banks must lodge with the regulator, AUSTRAC, whenever they process a cash transaction of $10,000 or more.
Westpac on Tuesday said in response to a request fr…
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