Westpac Investigated Over Further Potential Child Abuse Links
Westpac Investigated Over Further Potential Child Abuse Links
(Bloomberg) -- Westpac Banking Corp. is being investigated over a further 272 customers linked to potential child abuse, and could face tens of thousands more breaches of anti-money laundering laws.
Australia’s oldest bank last month admitted to the vast majority of 23.5 million breaches of money-laundering and terrorism financing laws alleged by the nation’s financial crimes agency and said it didn’t sufficiently monitor the accounts of a dozen customers linked to suspected child abuse.
As part of a review after the suit was lodged, Westpac reported an additional 272 accounts allegedly linked to potential child exploitation, the Sydney-based bank said in a statement Friday. It also found it may have failed to lodge an estimated 60,000 to 90,000 threshold transaction reports.
The financial crimes agency has now informed Westpac it is investigating these matters and may amend its statement of claim to include allegations arising from the investigations, the bank said in the statement.
The bank in November was accused of the biggest breach of money-laundering and terrorism financing laws in Australian history, leading to the departure of former Chief Executive Officer Brian Hartzer. It has set aside A$900 million ($615 million) for a potential settlement, which would be the largest fine levied against an Australian company.
The next case management hearing will be held June 17.
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