- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jaclyn Jaeger2020-05-20T19:00:00
Amid a money-laundering investigation and faced with allegations of facilitating child exploitation in the Philippines and Southeast Asia, Westpac has appointed a new head of financial crime compliance.
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Westpac is bracing for a record AUD$1.3 billion (U.S. $912.6 million) civil penalty issued by Australia’s financial crime regulator related to a money-laundering scandal and the facilitation of child exploitation in the Philippines and Southeast Asia.
An internal report outlining compliance failures by Australia-based financial institution Westpac that led to 23 million breaches of the country’s AML/CTF laws concluded “a mix of technology and human error” were to blame.
If a bank or a firm cannot execute on the simple things, such as cash transaction reporting, there is little reason to be confident of compliance in other more complex and challenging areas.
