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Westpac anti-money laundering compliance troubles continue to worsen, with the bank reporting an additional 365,000 incomplete or inaccurate threshold transaction reports to AUSTRAC.
Westpac has denied claims in a shareholder class action filed in the wake of AUSTRAC proceedings alleging 23 million breaches of anti-money laundering and counter-terrorism finance laws, saying the information the class action says it should have disclosed to shareholders "did not exist".
The Commonwealth Bank of Australia has refused to provide sought-after documents to the lead applicants of a joint class action against it until AUSTRAC grants permission, citing concerns over possible criminal breaches if it hands over the material without the agency's approval.
A judge has warned AUSTRAC that it needs to finalise its case against Westpac over anti-money laundering breaches as the regulator readies a slew of new claims, quashing any hopes of a trial this year.
Westpac is facing the possibility of more claims in proceedings brought by AUSTRAC over anti-money laundering breaches, with the regulator seeking information on 272 customers who may have been involved in the exploitation of children.
The failings that led to enforcement action against Westpac over 23 million alleged breaches of financial crime laws were ones of omission, and not the result of intentional wrongdoing, according to an independent report released by the bank on Thursday.
Westpac has admitted to millions of breaches of anti-money laundering and counter terrorism financing laws, and has told a court it did not adequately monitor transactions of customers linked to child exploitation.
A contest of two competing shareholder class actions against Westpac over millions of alleged anti-money laundering breaches has ended with one law firm and its funder bowing out.
Westpac is still locked in mediation with AUSTRAC over allegations that it committed over 23 million breaches of anti-money laundering and counter-terrorism financing laws, with the bank's hopes of moving to a penalty hearing in the early part of the year fading.
Westpac has been hit with another class action over alleged anti-money laundering breaches, teeing up a high-stakes beauty parade over which firm will lead the class action against the bank.