Further investigations into Westpac's breaches of anti-money laundering laws have revealed 175,000 transactions that it failed to report to the regulator, and a further 365,000 reports that may have included incomplete or inaccurate information., on Tuesday said reporting breaches that it had previously disclosed in May this year were in fact more numerous than it had estimated.
, including failures to properly vet suspicious transactions potentially linked to paedophilia. It has set aside $900 million to cover the penalty it could face as a result of the scandal, which unleashed a management shake-up in the country's oldest bank.But with some parts of the case being contested, Westpac has not yet reached a settlement with the watchdog, which has in recent months been demanding more information and could lodge an updated statement of claim in the blockbuster case.
That compares with Westpac's estimate at its half-year results in May that there may have 60,000 to 90,000 TTRs that were not lodged with AUSTRAC. "As previously disclosed, Westpac has been notified by AUSTRAC that it may amend its statement of claim to include allegations arising from its investigations into these TTR issues."
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