- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-02-03T18:34:00
Australian bank Westpac announced it will combine the leadership of its risk and compliance divisions into one position under Ryan Zanin, who joins after most recently serving as executive vice president, chief risk officer at Fannie Mae.
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The Reserve Bank of New Zealand issued a formal warning to Westpac’s New Zealand branch for failing to report certain transactions as required under local anti-money laundering regulations.
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.
By balking at original allegations, Westpac opened itself to infinitely more harm, writes financial crime expert Martin Woods.
