Westpac'sproblemsrelatetotheirmonitoringsystemforfinancialtransactions.Itallsoundsverydramaticandagoodheadlinethattherewere23millionbreaches,buttheyallrelatetothesameissue,computersoftwareproblems.Incompetenceonthepartofmanagementinnotresolvingtheproblemearlieryes,criminaloffence,no.True.
In fact, it has been reported that that the 23m transactions have all been assessed and determined as non-consequential other than the non-reporting due to technical matters and low order middle management incompetence ...
Moreover, if AUSTRAC/ AFP did think that the particular 12 pedophile customers were transacting were doing what they were doing and AUSTRAC were meeting with the Bank over the past year - why would they (AUSTRAC) state what was happening to the bank in clear unambiguous terms instead of just leaving it to the bank to monitor ... ?! Which is what was happening ...
Ann: Update on AUSTRAC matter, page-14
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