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clock Created with Sketch. 10/12/19
14:12
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Originally posted by Debohon:
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You have mentioned some extremely pertinent matters and as a general proposition: whatever AUSTRAC are doing and how they are going about it I personally (as do many in the industry sector) finding both disarming and dangerous: AUSTRAC must work with the banks and develop a common understanding from their array of meetings and forums with banking IT consultants also accusing AUSTRAC of having their IT lagging worlds best practice. We seem to be witnessing a regulator "going nuclear" on 2/4 main banks with NAB also possibly in the cross-hairs. CBA paid their fine whilst the Royal Commission in progress and wanted their AUSTRAC matter gone - cost $700m to do so and I would say limited if any negotiation so no real sense of proportion or a true standard to measure computer generated spray of transactions: zillions per day.
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You’re posting like AML obligations on the banks came down in yesterday’s rain. The specific problem was with Westpac’s LitePay product. <br><br>Here’s a refresher since you seem to have forgotten a bunch of history and want to cherry pick the rest. <br><br><a href="https://www.google.com.au/amp/amp.abc.net.au/article/11725414" target="_blank" rel="noreferrer noopener">https://www.google.com.au/amp/amp.abc.net.au/article/11725414</a><br><br>And how is that reference for your earlier claims going?<br>
(20min delay)