tiffany

FYI Westpac in in some deep, deep doodoos' and they are going to get hit very hard by the regulators. They're in major PR mode right now and this might be why the iPhone issue has been resolved but not yet implemented.

Business Insider 20 Nov 2019 -
Westpac systemically failed to follow anti-money laundering laws and, in doing so, allowed money suspected to have been funding child exploitation to flow freely, the financial crimes regulator AUSTRAC* has alleged on Wednesday.

* Australian Transaction Reports and Analysis Centre is Australia’s financial intelligence unit and its anti-money laundering and counter-terrorism financing regulator. (I added this bit)

“Westpac failed to … carry out appropriate customer due diligence on transactions to the Philippines and South East Asia that have known financial indicators relating to potential child exploitation risks,”

AUSTRAC said in a statement. “Westpac failed to introduce appropriate detection scenarios to detect known child exploitation typologies, consistent with AUSTRAC guidance and their own risk assessments.”

 In total, Austrac alleges Westpac violated anti-money laundering and counter-terrorism financing (AML/CTF) laws more than 23 million times. Specifically, a dozen customers have been identified by the regulator as posing “known child exploitation risks”.

 Despite this, Westpac is alleged to have failed to monitor and prevent suspicious activity from their accounts.