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Westpac's $1,000,000,000 AUSTRAC Settlement?, page-685

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JCoure

41,271 Posts.

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22/08/24

21:59

Post #: 75333263
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Originally posted by Stxdwnbndsup: ↑

JCoure

Westpac has not had a money laundering scandal.

It didn’t meet its obligation to report IFTIs to AUSTRAC (litepay).

Even if the IFTIs were reported to AUSTRAC, there were insufficient programs in place to identify and report such transactions to austrac that were suspicious (for live streaming child exploitation).

The bank simply put, did f all about financial crime and protecting the greater community. Profits over people.

This all happened about 4 years after the $39 share price. It was about $25 at the time when the litepay scandal hit the news. It’s now $30.

It has received a 50% reduction in the fine for implementing better risk management. It is also suing insurers for the remainder of the fine.

Does WBC maintain its position as the highest on the high score leaderboard for corporate fines in Australian History? Yes…will it face future fines…it’s a bank, so I would personally expect this. The root cause of the lite pay scandal was poor risk culture. Reports show that little has changed.

And when it does get another fine…and the stock price drops, I’ll be there ready to buy up big. It doesn’t make any money from reporting financial crimes, Westpac makes its money from funding others to purchase property - I have every faith in Australian property and therefore have every faith in WBC.

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Omitted the AUSTRAC launch of Federal Court Action for the breach of AML CTF laws more than 23 million times that Westpac did with allowing a dozen customers transferring money to the Philippines in a way consistent with child exploitation
.
Otherwise Westpac paid $1.3 billion AUD for no reason and lost at least $40:billion AUD in market cap for no reason whatsoever?

WBC Price at posting: $30.05 Sentiment: Hold Disclosure: Not Held
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Last $33.90		Change -0.670(1.94%)		Mkt cap ! $116.0B

Open	High	Low	Value	Volume
$34.70	$34.85	$33.90	$153.5M	4.497M

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No.	Vol.	Price($)
1	8265	$33.87

Sellers (Offers)

Price($)	Vol.	No.
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No.	Vol.	Price($)
2	885	33.850
2	5090	33.800
1	3415	33.730
1	29	33.710
1	220	33.670

Price($)	Vol.	No.
33.980	29	1
34.030	2461	1
34.070	8000	1
34.100	2300	2
34.140	6641	1

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