as talks continue over a potential settlement that could result in a penalty of almost $1 billion.
Westpac has admitted to breaching anti-money laundering laws, but there are still matters of disagreement.When AUSTRAC last year accused Westpac of breaching anti-money laundering and counter-terrorism financing laws 23 million times, one argument it made was that Westpac's compliance program did not have the primary purpose of managing and mitigating laundering risks.
The disagreement comes as the bank is attempting to move on from the explosive case, which has sparked a major management shake-up in the country's oldest bank. "We're still talking, but given there's a few matters where we haven't been able to agree, the court process continues in parallel to us talking and mediating," Mr King said in an interview on Thursday, before AUSTRAC's latest court filing.Westpac this week released the findings of its own investigation into the compliance breaches, with two major investigations blaming technology failures, misjudgments and poor systems for the breaches.
I heard on the radio that Westpac has absolved itself.
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