The chief executive of Australia's Westpac Banking Corp stepped down on Tue...
SYDNEY - The chief executive of Australia’s Westpac Banking Corp stepped down on Tuesday over a money laundering scandal involving child exploitation, just a day after he told staff it was “not a major issue” and that he intended to stay on.
Regulator AUSTRAC last week launched legal action accusing Westpac of enabling 23 million payments in breach of anti-money laundering laws, including the facilitation of offshore payments relating to child exploitation. “It facilitates terrorism. Its facilitates slave trade. It facilitates child pedophilia rings. It’s a facilitating offense.”“We’re talking about 23 million alleged breaches of the anti-money laundering laws, we’re talking about a failure to adequately assess customers with links to child trafficking and child pornography. We’ve seen from AUSTRAC a statement that there has been indifference by the board, that there has been a systemic failure by the bank and there’s been inadequate oversight.
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