Exclusive: Westpac external audits flag 'partially effective' systems
The Austrac action, which included allegations that the bank failed to carry out appropriate due diligence on customers sending money to the Philippines for "child exploitation risks", includes specific allegations that Westpac's risk management of money laundering rules was "deficient".
"For too long, Westpac maintained a consequence management scheme under which point deductions for poor audit results were erased before the next audit would fall due," the final report read. "A system of that kind did nothing to penalise bad work and nothing to encourage better work."Louie Douvis "It means that if someone feels uncomfortable about how risky a particular activity is, they can and will bring that to the attention of their management, who will do the same to their management and so on upward to the board risk committee and the board," he said."Problems arise when the communications and feedback channels get blocked or diverted, for example by fiefdoms and conflicts of interest.
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