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唐朱昌
唐朱昌
教授,博士生导师。复旦大学中国反洗钱研究中心首任主任,复旦大学俄...
严立新
严立新
复旦大学经济学院、金融研究院副教授,中国反洗钱研究中心执行主...
陈浩然
陈浩然
复旦大学法学院教授、博士生导师;复旦大学国际刑法研究中心主任。...
何 萍
何 萍
华东政法大学刑法学教授,复旦大学中国反洗钱研究中心特聘研究员,荷...
李小杰
李小杰
安永金融服务风险管理、咨询总监,曾任蚂蚁金服反洗钱总监,复旦大学...
周锦贤
周锦贤
周锦贤先生,香港人,广州暨南大学法律学士,复旦大学中国反洗钱研究中...
童文俊
童文俊
高级经济师,复旦大学金融学博士,复旦大学经济学博士后。现供职于中...
汤 俊
汤 俊
中南财经政法大学教授,计算机科学与技术专业工学博士,复旦大学理论...
李 刚
李 刚
生辰:1977.7.26 籍贯:辽宁抚顺 民族:汉 党派:九三学社 职称:教授 研究...
祝亚雄
祝亚雄
祝亚雄,1974年生,浙江衢州人。浙江师范大学经济与管理学院副教授,博...
高增安
高增安
复旦大学中国反洗钱研究中心特聘研究员,专事反洗钱与贸易领域的研...
顾卿华
顾卿华
复旦大学中国反洗钱研究中心特聘研究员;现任安永管理咨询服务合伙...
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上传时间: 2020-09-25      浏览次数:154次
Westpac, one of Australia’s largest banks, hit with record $920 million penalty over money laundering scandal

 

https://edition.cnn.com/2020/09/24/investing/westpac-fine-australia-intl-hnk/index.html

 

Westpac, one of Australia's largest banks, has agreed to pay a record-breaking penalty of nearly $1 billion for systematically allowing money laundering on its watch.

 

The company announced Thursday that it has agreed to the 1.3 billion Australian dollar ($920 million) fine with AUSTRAC, a regulator in Australia that fights financial crime. Westpac also admitted as part of that deal that it broke anti-money laundering and terrorism financing laws more than 23 million times.

 

"I would like to apologise sincerely for the bank's failings," CEO Peter King said in a statement. "We are committed to fixing these issues to ensure that these mistakes do not happen again. This has been my number one priority."

 

If the fine is approved by an Australian court, it would be the largest corporate penalty in the country's history. A 700 million Australian dollar ($493 million) fine was levied on the Commonwealth Bank of Australia in 2018 after that bank admitted it failed to observe laws to prevent money laundering and financing of terrorism.

 

Westpac shares slumped Thursday in Sydney, and were last trading down about 1%.

 

Australian regulators pursued legal action against Westpac nearly a year ago when they said the bank failed to report millions of instructions for financial transfers in and out of Australia.

 

The regulatory watchdog said at the time that Westpac neglected to do its due diligence on transactions to the Philippines and other parts of Southeast Asia "that have known financial indicators relating to potential child exploitation."

 

King said the company has made changes to how it monitors transactions, and has hired hundreds of people responsible for looking out for financial crime. The bank also created an executive position who is directly responsible for improving its ability to address financial crimes.

 

The allegations rocked the bank and led to the resignation of former CEO Brian Hartzer last November.

 

The fine also significantly exceeds what Westpac set aside as payment for the scandal. In its announcement Thursday, the bank said it had earlier estimated a possible penalty of 900 million Australian dollars ($634 million).

 

The penalty reflects the "serious and systemic nature" of Westpac's non-compliance, AUSTRAC said in a statement Thursday.

 

"We have been, and will continue to work collaboratively with Westpac and all businesses we regulate to support them to meet their compliance and reporting obligations to ensure this doesn't happen again in the future," said AUSTRAC chief executive Nicole Rose.