In March the Reserve Bank ordered Westpac to pay for two independent reports into its risk governance processes. Westpac Banking Corporation has been slapped with a warning from the Reserve Bank for failing to report suspect transactions under anti-money laundering and countering financing of terrorism laws. READ MORE:* Government's banker Westpac warned by Reserve Bank over risk failures* Westpac closing in on $1b AUSTRAC settlement* Westpac linked to international paedophilia case after Australian man chargedThe warning was publicised to coincide with the Reserve Bank releasing its survey of banks’ anti-money laundering systems. Westpac New Zealand and WBC’s anti-money laundering systems were assessed separately by the Reserve Bank’s, and Westpac New Zealand did not have the failings identified at WBC. But the Reserve Bank said more work was needed as the effectiveness of bank anti-money laundering procedures and controls could not be determined from the survey alone.

Source: Stuff August 10, 2021 23:53 UTC