- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2020-06-05T16:27:00
An internal report outlining compliance failures by Australia-based financial institution Westpac that led to 23 million breaches of the country’s AML/CTF laws concluded “a mix of technology and human error” were to blame.
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Australia’s financial regulator has identified “serious concerns” with National Australia Bank’s compliance with anti-money laundering and counter-terrorism financing rules but indicated it won’t fine the bank—for now.
Westpac is assessing a demerger from its New Zealand business after the Reserve Bank of New Zealand ordered the unit to commission two independent reports concerning the bank’s liquidity and risk governance processes.
Australia-based financial institution Westpac announced Group General Counsel and Enterprise Executive Rebecca Lim has decided to step down and move to a part-time advisory role.
The U.K.’s Financial Conduct Authority asked banks and financial institutions “to do more” to ensure that U.K lawmakers and their families are not treated unfairly.
As the United States and other Western countries turn the screws on criminals, hackers, terrorist organizations, and sanctions evaders attempting to access global financial markets, financial institutions could respond by reducing their connections to risky sectors, according to Treasury Under Secretary Brian Nelson.
Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.
