Business
Westpac’s ties to Puerto Rico bank Euro Pacific spark calls for financial crime reform – The Age
Correspondent bank relationships enable Australians to send money overseas. But are major banks, like Westpac, doing everything they can to stop criminal activi…
Westpac recently agreed to pay the largest fine in Australian corporate history, totalling $1.3 billion, to settle claims by the financial intelligence agency AUSTRAC that it facilitated payments linked to live child sex shows in the Philippines through its correspondent banking relationships
Banking sources say Euro Pacific was not one of the 16 correspondent banks singled out by AUSTRAC in its case against Westpac, which cost chief executive Brian Hartzer and chairman Lindsay Maxsted their po…
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