An Australian multinational bank ANZ has revealed that it is reviewing its AML CTF systems. The investigation was launched in June and has found no material issues so far. It’s believed that ANZ’s announcement is aimed at reassuring investors and stakeholders that bank will not follow Westpac’s path because of technology and governance failings.
Recently, Australian bank and financial services provider – Westpac was accused of 23 million breaches of anti-money laundering rules. As per the reports, Australian government financial intelligence agency – AUTRAC (Australian Transaction Reports and Analysis Centre) has launched a legal against the Australia’s second-largest bank, alleging Westpac systems were used by 12 individuals linked to illegal activities, such as child exploitation and live child sex shows, in the Philippines and other parts of south-east Asia.
As per the reports, responding to its shareholder queries, ANZ
stated that it is not aware of any impending litigation from the AUSTRAC.
ANZ last encountered trouble with AML CTF laws in the year 2009. The bank paid a US$5.75m fine to American authorities for stripping identifying information from 31 transactions with Sudan and Cuba, which were under sanction by the US at the time.
Source - The Guardian
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