A major bank cited 23 million violations as the reason


Bank fined $ 900 million due to violation of law


Australia’s second largest bank, Westpac, is said to be the main cause of the breach by the financial institution of technical procedures and human factor anti-money laundering legislation.

Westpac announced the results of last year’s scandal investigation. In November 2019, the Australian Financial Crimes Service (Austrack) accused Westpac Banking Corp of 23 million violations of the law. In April, the bank DeclaredThis is a $ 900 million fine, which if paid, would become the largest administrative clearance in the country’s history.

According to Austrek, Westpac failed to properly report more than 19.5 million international money transfers between 2013 and 2018. Austrack CEO Nicole Rose said Westpac’s inability to properly transfer the integrity of Australia’s financial system and “interfered with its ability to track the origins of financial transactions when necessary to support police transactions.” ” According to Austrek, the volume of unregistered transactions exceeds $ 11 billion over a six-year period.

As a result of the scandal in late November, CEO Westpac Banking Corp Brian Harger announces his resignation From his post against the backdrop of allegations against the bank. Also in April 2020, the chairman of the bank’s board of directors, Lindsey Maxted, resigned.

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We previously wrote that Westpac introduced the Wendy virtual assistant, which is able to recognize customers’ feelings and respond to them as they communicate with the video. In particular, the new AI-employee of the financial institution is able to repel the negotiator’s eyes and smile while negotiating, according to the bank’s website. Wendy’s mission is to serve as a digital business consultant for young Australians, combining four artificial intelligence technologies.

Read: Law on financial monitoring: now how to transfer and pay services in Ukraine

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