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​Westpac vows to implement money-laundering changes, as Australian court hearings continue

( December 10, 2019, 00:38 GMT | Official Statement) -- MLex Summary: Westpac Banking Corporation is determined to resolve a money-laundering lawsuit currently before an Australian court and intends to “urgently fix its issues around financial-crime compliance,” according to a statement released by the bank this week. Acknowledging the start of proceedings against it in the Federal Court of Australia, Westpac’s statement to the Australian Securities Exchange said that the bank needed to “have systems and controls in place to prevent its services being exploited for financial and other serious crime, including to monitor and report certain transaction activity.” To achieve this, Westpac said it had made “a number of changes to its transaction monitoring.” This follows findings by Australia’s financial-intelligence agency, Austrac, that the bank had breached anti-money laundering and counter-terrorism laws on more than 23 million occasions.Westpac's statement to the ASX is attached. ...

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