Live streaming of children from the Philippines is not the result of poor Australian banking practises. The banks do have a role to play in detecting disrupting and deterring this - which WBC did f all about - hence the biggest fine in Australian corporate history - and rightly so.
they have now implemented sufficient algorithms so they can meet their reporting obligations for reporting suspicious activity to austrac. Implementing this proactively would have cost tens of millions instead of the billion they got fined.
the share price at the time of the litepay scandal was about $24 - since then it has increased to $31.
Money laundering is rife in Australia - a large part of our economy is supported by this. The IFTI scandal that WBC had in 2019 was not money laundering - please understand this.
Money laundering is the placement - layering - integration of money derived illegitimately. Westpac has not had a scandal for this……yet
and when it does have another scandal - their share price will drop and we can rush down to **promotion blocked** like it’s Black Friday.
(20min delay)