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Bloomberg Law Analysis

ANALYSIS: Australia Faces AML Crisis in Westpac Action

Dec. 18, 2019, 11:54 AM

Australia has a long history of leadership in anti-money laundering/combating the financing of terrorism (AML/CFT) but recently has had to initiate a major AML/CFT regulatory enforcement action against one of the country’s “big four” banks, Westpac Banking Corporation (Westpac). The Westpac enforcement action follows a 2018 enforcement action that heavily penalized another big four bank and may become the start of a broader crackdown on AML/CFT failures in Australia and elsewhere in the Asia-Pacific region.

Australian AML/CFT Regulation

Australia has had a comprehensive AML/CFT regime since the 1980s. A law establishing transaction reporting requirements for financial institutions, the Financial Transactions...

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