Again we see the importance of putting in place a comprehensive and dedicated AML and CTF program; and the potential consequences of not doing so.

In a very brief statement before the media at Parliament House, AUSTRAC’s chief executive officer Nicole Rose described Westpac’s behaviour as “serious and systemic non-compliance”.

“Serious and systemic non-compliance leaves our financial system open to being exploited by criminals.”

Read more about how Westpac faces fines over ‘serious and systemic’ anti-money laundering breaches.

Intuition by Ingenuous prevents these risks