Published: June 03, 2020
Internal report finds deficient processes and poor understanding but bank’s CEO says there’s ‘no evidence of intentional wrongdoing’
Westpac has released the findings of an investigation into its money laundering and child exploitation scandal and says the failures occurred due to a mix of technology and human error, not “intentional wrongdoing”.
The country’s second-largest bank has blamed its breaches of anti-money laundering and counterterrorism financing laws on deficient processes, poor understanding and lack of resources.
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