Australia's Westpac unveils findings from compliance review


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© Reuters. An office building with Westpac logo is seen in Sydney

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(Reuters) – Australian lender Westpac Banking Corp (AX:) said on Thursday its millions of breaches of anti-money laundering and counter-terrorism laws were caused by “faults of omission” and not intentional wrongdoing.

Unclear accountabilities as well as a lack of understanding and expertise caused the compliance failures, the company said in a statement.

Last month, the country’s second-largest bank had admitted to the charges but denied accusations it enabled illegal payments between known child sex offenders.

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