The breach was for not fulfilling their obligation to report all IFTIs…they offered low cost international transactions by bundling them up and not reporting the transactions to AUSTRAC. All transactions in/out of Australia are required to be reported to AUSTRAC in the same way that cash transactions over $10k are reported (just ask crown casino)
What became apparent was inadequate AML programs in place to monitor transactions for suspicious activity (which are reportable - an obligation). Financial crime departments add essentially $0 to the banks balance sheet. Even if the bank had a risk culture sound enough to ensure that litepay transactions were reported to AUSTRAC in the first place (I.e. the 23 million transactions) without a monitoring program in place (algorithms that flag suspicious activity for review) there wouldn’t be any detection, disruption or prevention of the suspicious activity (I.e. the dozen or so pedophiles).
In relation to the loses in the market cap…Hopefully it loses more.
I love a bargain.
WBC below $25 is a buy for me.
WBC below $20 is like a Black Friday sale
WBC Price at posting:
$30.05 Sentiment: Hold Disclosure: Held
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