posted by Christopher W. Holton

“AUSTRAC, Australia’s anti money-laundering (“AML”) and terrorism-financing regulator, filed a civil action in Australian court alleging over 23 million breaches of Australian AML/counter-terrorism financing legislation by Westpac, including a failure to report more than 19.5 million international fund transfers, failure to perform enhanced due diligence on correspondent banks in high-risk jurisdictions, and failure to introduce appropriate detection scenarios related to potential child exploitation risks.”

Pomerantz LLP is investigating claims on behalf of investors of Westpac Banking Corporation. The investigation concerns whether Westpac and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

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