June 4 (Reuters) - Westpac Banking Corp (WBC) : RELEASES...

June 4 (Reuters) - Westpac Banking Corp (WBC) :

• RELEASES FINDINGS INTO AUSTRAC STATEMENT OF CLAIM ISSUES
• FAILURE CONCERNING INTERNATIONAL FUNDS TRANSFER INSTRUCTIONS NON-REPORTING OCCURRED DUE TO MIX OF TECHNOLOGY & HUMAN ERROR
• REPORT NOTES DIRECTORS COULD HAVE RECOGNISED EARLIER SYSTEMIC NATURE OF SOME OF FINANCIAL CRIME ISSUES WESTPAC WAS FACING
• THERE WERE UNCLEAR END-TO-END ACCOUNTABILITIES FOR MANAGING AML/CTF COMPLIANCE
• WILL CONTINUE TO ENGAGE WITH AUSTRAC ON LEGAL PROCESS, FOLLOWING SUBMISSION OF ITS DEFENCE & ADMISSIONS ON 15 MAY 2020
• SOME AREAS OF AML/CTF RISK WERE NOT SUFFICIENTLY UNDERSTOOD WITHIN WESTPAC
• PANEL ALSO NOTED THAT REPORTING TO BOARD ON FINANCIAL CRIME MATTERS WAS AT TIMES UNINTENTIONALLY INCOMPLETE & INACCURATE
• WESTPAC'S INVESTIGATIONS HAD NOW CONCLUDED
• ESTABLISHED NEW BOARD LEGAL, REGULATORY & COMPLIANCE SUB-COMMITTEE
• "WE COMPLETELY ACCEPT THAT SOME IMPORTANT ASPECTS OF WESTPAC'S FINANCIAL CRIME RISK CULTURE WERE IMMATURE AND REACTIVE"
• IDENTIFIED THREE PRIMARY CAUSES OF AML/CTF COMPLIANCE FAILURES
• SOME AREAS OF AML/CTF RISK NOT SUFFICIENTLY UNDERSTOOD WITHIN WESTPAC
• THERE WAS A LACK OF SUFFICIENT AML/CTF EXPERTISE AND RESOURCING
• "WHILE COMPLIANCE FAILURES WERE SERIOUS, PROBLEMS WERE FAULTS OF OMISSION. THERE WAS NO EVIDENCE OF INTENTIONAL WRONGDOING"
• RANGE OF REMUNERATION CONSEQUENCES WERE APPLIED TO 38 INDIVIDUALS