Maybe I'm reading too much into the below (And a little too cynical), but it indicates to me they were alerted in 2016, read the article it's quite revealing:ByApril 2016 AUSTRAC had published them as “typologies” of childexploitation cases. They told the banks what they had to look for,and even sent Westpac a list of key indicators in December 2016.
At Westpac there was unease. In May 2016 the chief complianceofficer for institutional banking warned that the bank’s proceduresto pick up money laundering and terrorism financing did not “go farenough in assessing the risks and controls”.
Heightened risks of LitePay
That same month Westpac reported heightened money laundering risksassociated with sending money to the Philippines through its LitePaysystem.
Westpac launched LitePAy in June 2016 anyway. It wasn’t untilAugust 2016 that the bank introduced an automatic detection programfor LitePay to identify the typologies that AUSTRAC was looking for.
https://www.copyright link/companies/financial-services/westpac-s-dirty-laundering-exposed-20191122-p53czp
Maybe I'm reading too much into the below (And a little too...
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