Australian banking major Westpac has handed over the updated information on more than 500,000 threshold transactions to financial crime regulator AUSTRAC.
The banking group, in its 2020 interim financial results, had self-reported the Threshold Transaction Reports (TTRs) issues to the regulator.
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These include nearly 60,000 to 90,000 missing TTRs and TTRs filed with incomplete or inaccurate information.
The bank faced allegations that it facilitated millions of illegal payments including illegal payments between child sex offenders.
The allegations led to major management reshuffle and the bank had to set aside A$900m ($643m) for a possible penalty.
The bank provided the updated information on these transaction reports in response to the notice sent by AUSTRAC.
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By GlobalDataThe updated information included nearly 175,000 transactions that were not reported to AUSTRAC and 365,000 TTRs filed with incomplete or inaccurate information.
Westpac claims that not all transactions of A$10,000 or more may have breached the anti-money laundering laws.
In a statement, Westpac said: “A significant proportion of the potential reporting issues relating to a range of complex scenarios where the legislation requires Westpac to exercise judgement on how multiple transactions may be aggregated and whether a threshold transaction has actually occurred.
“Accordingly, not all of the above numbers may be breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth).
“Westpac continues to engage with AUSTRAC in relation to these TTR issues, and notes that the numbers above may change.”
