RBNZ eyes Westpac Australia money laundering failures

Wed, 20 Nov 2019

The Reserve Bank says it is looking closely at the Australian financial crimes regulator's allegation that Westpac Banking Corp has engaged in widespread, systemic and frequent failures to adhere to laws combatting money laundering and terrorism financing.RBNZ deputy governor and head of financial stability Geoff Bascand says the central bank is working closely with its regulatory counterparts in Australia, including the Australian Transaction Reports and Analysis Centre.AUSTRAC has applied to the Federal Court of Australia for civil penalty or...

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