A Brief Explainer Of The 23 Million Times Westpac Has Allegedly Broken Anti Money Laundering Laws
Following the banking Royal Commission, news of another bank’s misconduct is disappointing but unfortunately not surprising. This week Westpac was the latest bank to accused of breaching stringent laws that aim to deter money laundering and the financing of terrorism. Most seriously, the bank is accused of potentially facilitating transactions relating to child sex abuse in South East Asia.
Ian Fargher, Accounting Lecturer at the University of Wollongong joined The Daily to discuss the implications of Westpac’s alleged breaches.