Financial intelligence agency Austrac has launched legal action against Westpac for large-scale breaches of anti-money laundering and counter terrorism financing laws, raising the prospect of hefty financial penalties against the banking giant.
Austrac on Wednesday said it filed a lawsuit against the bank alleging “serious and systemic non-compliance” with laws that require banks to monitor the flows of money in and out of Australia.
Austrac chief executive Nicole Rose said in Canberra the bank had failed to report over 19.5 million international funds transfer instructions to Austrac.
“Over nearly five years, these transfers were both in and out of Australia, and amounted to over $11 billion,” she said.
“This resulted in a significant loss of intelligence to Austrac and our national security and law enforcement partners.”
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Source: Thanks smh.com