Opinion: It has taken a month for the prudential regulator to stop twiddling its thumbs and investigate Westpac over a money laundering scandal | adele_ferguson
It has taken a month for the prudential regulator to stop twiddling its thumbs and investigate Westpac over a money laundering scandal that had its roots in incomplete and inadequate risk management and governance systems., along with a calling out of the attitude of executives and directors, should have spurred the Australian Prudential Regulation Authority to action.
APRA is the regulator responsible for monitoring the banking system’s risk management framework, known as CPS 220, so it could be argued that it should have been more on top of the situation.Westpac told the market in its 2018 annual report that it had self-reported to AUSTRAC a failure to report a large number of international fund transfers as required under the Anti-Money Laundering and Counter-Terrorism Financing Act.
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