Westpac picks insider to head compliance

BENGALURU: Westpac Banking Corp has named an insider to a newly created role overseeing financial crime and compliance after the bank was caught up in a major money laundering scandal last year.

The scandal rocked Australia’s second-biggest bank after it was accused of millions of breaches of anti-money laundering laws, including allegations that it enabled illegal payments between known child sex offenders.

Les Vance, the current chief operating officer of Westpac’s consumer division, has been with the lender since 2008.

Earlier this month, Westpac admitted it breached anti-money laundering and counter-terrorism laws but denied that it enabled those illegal payments, according to a filing with a federal court. — Reuters

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