Australia’s AUSTRAC calls Westpac’s anti-money laundering oversight ‘deficient’

Nov 20 (Reuters) – Australia’s financial crime watchdog called Westpac Banking Corp’s anti-money laundering oversight “deficient”, and said it had applied to a court on Wednesday seeking a civil penalty.

Westpac breached the Anti-Money Laundering and Counter-Terrorism Financing Act of 2006 over 23 million times, AUSTRAC, the country’s anti money-laundering and terrorism financing regulator, said in a statement. (Reporting by Nikhil Kurian Nainan in Bengaluru Editing by Chris Reese)