There have been a lot of comments that are way over the top on the $1b fine. That was headline stuff aiming to extract as much of a fine as possible from Westpac.
The problem Wespac had was their foreign transfer program did not incorporate the requirements on anti-money laundering legislation, that the rest of the banking systems did. It meant that when someone transferred money overseas, that exceeded the $10,000 threshhold for reporting to Austrac, the reporting did not happen. The headline stuff about banking pedophiles is a load of rubbish.
It is clear that culpability for the programming error rested with the programming project team, which should have including a banking specialist.
What Westpac is guilty of is allow money laundering through oversight. They got $1b punishment. What Crown and Star did was to deliberately allow money laundering. What were their fines again?
The issue is dead. Move on people.
There have been a lot of comments that are way over the top on...
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