‘Integrity’ of financial system at stake as $1.3b Westpac fine upheld: Federal Court – Sydney Morning Herald

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Justice Beach said Westpac accounts for a very significant portion of the payments made through Australias financial system and therefore a substantial fine was necessary.
Banks needed to ensure transparency of international payments to prevent financial crime, he said. “Its obvious that money laundering is all about obscuring the origin and destination of funds.”
The financial crimes watchdog AUSTRAC launched legal action against Westpac in November after the bank was found to have breached AML…

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