Australia's Westpac Banking Corp was accused on Wednesday of 23 million bre...
The payments which Westpac facilitated without acceptable scrutiny took place from 2013 to late 2018, AUSTRAC said in its court filing.
“The risk posed to Westpac was that these high risk or sanctioned countries may have been able to access the Australian payment system,” AUSTRAC said. One customer who had served a prison sentence for child exploitation set up several Westpac accounts. Westpac detected suspicious activity in one account, but failed to review the other accounts and “this customer continued to send frequent low value payments to the Philippines through channels that were not being monitored appropriately”, AUSTRAC said.
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