- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Australia-based financial institution Westpac announced Group General Counsel and Enterprise Executive Rebecca Lim has decided to step down and move to a part-time advisory role.
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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.
By balking at original allegations, Westpac opened itself to infinitely more harm, writes financial crime expert Martin Woods.
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.
