Westpac Bank should have used ISX's Technology, page-299

Wow.....you would have to be plain stupid not to see a slap on the wrist, penalty ratio & nil trading suspension ??? (101 corrupt/collusion ASIC/Banks/ASX). I've asked Longo if the ASX will now suspend Westpac from trading should there be further-ongoing investigations?

• 23 million breaches of regulations such as failing to carry out proper customer due diligence “in relation to suspicious transactions associated with possible child exploitation”.
• A leak of 11.9 million documents from 14 offshore service providers – the largest leak in history.
• Failure to properly report more than 19.5 million instructions to transfer money overseas or bring foreign funds into Australia, totaling more than $11 billion
• AUSTRAC money laundering fine
• Failed to keep records about where the money came from in some cases.
• Westpac also failed to pass on information about the origin of these transfers, or the source of funds to other banks involved in the transactions.
• Westpac has also admitted it failed to properly assess and monitor the risks associated with some of these foreign transfers, some of which were with banks in "higher risk jurisdictions" including Iraq, Lebanon, Ukraine, Zimbabwe and Democratic Republic of Congo.
• The bank also failed to make adequate checks on some customers who were sending regular payments overseas, and also failed to pick up on payment patterns typical of child exploitation activities, despite repeated warnings from AUSTRAC for banks to do this.
• Review uncovered a further 250 customers who made suspicious transactions to the Philippines, other parts of South-East Asia and Mexico.
• All 262 customers exhibited tell-tale signs of engaging in overseas child exploitation
• Over 3,000 transactions translates to over 3,000 occasions where a child endured unimaginable, yet preventable, sexual and physical trauma while seemingly Westpac didn't care enough to undertake their regulatory oversight.
• Westpac bank's failure to properly record and report many overseas transactions could have allowed criminals, terrorists and sanctioned individuals or governments to transfer money into or out of Australia without detection.
• Approximately 21,000 deregistered company accounts to remain open because it did not have proper procedures to close them, charging the dead and engaging in widespread compliance issues
• Westpac has sold credit card and other debt to purchasers using an incorrect interest rate that led to more than 16,000 customers – who were likely to be in financial distress – being overcharged.
• BT Funds Management charged members insurance premiums that included commission payments, even though commissions had been banned under the Future of Financial Advice reforms.
• Westpac also distributed duplicate insurance policies to over 7,000 customers for the same property at the same time.
• Despite it being accepted by Police Officers and is used as the official COVID-19 tracker in News South the Westpac bank is refusing to recognize or accept the NSW Services app which houses official digital licence identification. The struggling bank is still demanding plastic licences which can be easily faked as identity.
• These contraventions are the result of systemic failures in its control environment, indifference by senior management and inadequate oversight by the board.
• Charging dead people and other breaches.