NAB next to be mown down by AUSTRAC

Via Banking Day:

At the heart of Austrac’s case against Westpac is a series of arrangements with foreign banks (correspondent banks) designed to make the processing of cross-border payments cheap and easy.

Austrac says these arrangements gave rise to a number of risks, including cross-border movement of funds (including from higher risk jurisdictions), limited information about the payer or payee, limited or no visibility over the source of funds or purpose of transactions, no limits on volume or value of transactions and acceptance of cash deposits from unverified sources.

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