abusesaffiliationarrow-downarrow-leftarrow-rightarrow-upattack-typeburgerchevron-downchevron-leftchevron-rightchevron-upClock iconclosedeletedevelopment-povertydiscriminationdollardownloademailenvironmentexternal-linkfacebookfiltergenderglobegroupshealthC4067174-3DD9-4B9E-AD64-284FDAAE6338@1xinformation-outlineinformationinstagraminvestment-trade-globalisationissueslabourlanguagesShapeCombined Shapeline, chart, up, arrow, graphLinkedInlocationmap-pinminusnewsorganisationotheroverviewpluspreviewArtboard 185profilerefreshIconnewssearchsecurityPathStock downStock steadyStock uptagticktooltiptwitteruniversalityweb

Esta página não está disponível em Português e está sendo exibida em English

Artigo

27 Nov 2019

Author:
Stephen Bartholomeusz, The Sydney Morning Herald

Overwhelming external pressure forces senior-level resignations at Westpac over child exploitation scandal

“For Westpac’s Brian Hartzer, a bitter end to an impressive career”, 26 November 2019

The AUSTRAC affair and the widespread revulsion it has generated has claimed Westpac’s chief executive [(Brian Hartzer)], the chair of its risk and compliance committee [(Ewen Crouch)] and…its chairman [(Lindsay Maxsted)]. Maxsted’s attempt to buy some time to determine where responsibility for Westpac’s multiple breaches of its obligation to know its customers lay was short-lived; overwhelmed by the external demands for heads to roll…, reinforced by the threat that governments and businesses would cease dealing with the bank.

Hartzer has said it was only in mid-October that he learnt that AUSTRAC was concentrating on transactions that might have involved payments by Westpac customers that involved child exploitation. [T]he crux of AUSTRAC's allegations was that [Westpac] didn’t know – it couldn’t know, because its systems weren’t capable of properly identifying transactions that might be related to payments related to child exploitation. [It] could be argued…that they should have been aware – that it was their responsibility to have systems and processes in place to ensure they were aware...

Hartzer, Maxsted and Crouch are decent and diligent people with distinguished careers but they aren’t the first chief executive or directors to fall foul of the anti-money laundering laws and won’t be the last. [It] appears big bank systems, processes and risk management teams aren’t capable of guaranteeing perfect compliance with laws that require them to be able to screen every transaction. [If] you look at the…legislative and regulatory changes that the major banks have had to deal with since the financial crisis, it is perhaps even less surprising that Westpac [was]…caught out by technology and human failures in their anti-money laundering processes.

Linha do tempo

Privacy information

Este site usa cookies e outras tecnologias de armazenamento na web. Você pode definir suas opções de privacidade abaixo. As alterações entrarão em vigor imediatamente.

Para obter mais informações sobre nosso uso de armazenamento na web, consulte nossa Política de Uso de Dados e de Cookies

Strictly necessary storage

ON
OFF

Necessary storage enables core site functionality. This site cannot function without it, so it can only be disabled by changing settings in your browser.

Cookies analíticos

ON
OFF

Quando você acessa nosso site, usamos o Google Analytics para coletar informações sobre sua visita. A aceitação deste cookie nos permitirá entender mais detalhes sobre sua viagem, e melhorar a forma como nós colocamos as informações na superfície. Todas as informações analíticas são anônimas e não as utilizamos para identificá-lo. O Google fornece uma opção de não inclusão no Google Analytics para todos os navegadores populares.

Cookies promocionais

ON
OFF

Compartilhamos notícias e atualizações sobre empresas e direitos humanos através de plataformas de terceiros, incluindo mídias sociais e mecanismos de busca. Estes cookies nos ajudam a entender o desempenho destas promoções.

Suas escolhas de privacidade para este site

Este site usa cookies e outras tecnologias de armazenamento da web para aprimorar sua experiência além da funcionalidade básica necessária.