Westpac AML/CTF failures - What went wrong?

WHITE PAPER

In October 2020, Australia’s second largest bank, Westpac, was ordered by the Federal Court of Australia to pay a fine of A$1.3 billion (roughly £710 million). The bank had been found to have committed over 23 million contraventions of Australia’s AML and CTF Act between 2014 and 2017. How could this happen? What were the failures of people, process and technology that led to this scandal?

Insufficient expertise in the financial crime arena, lack of responsibility at the operational level, too few employees with the requisite skills, experience, and expertise to effectively manage the AML/CTF risk are just some of the many explanations behind what went wrong at Westpac.

Read our latest white paper to learn more about the problems at Westpac, how it all went wrong, and how RiskScreen’s award-winning suite of products could have helped to prevent the scandal.