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According to a report in ZDNet , Westpac said that “a mix of technology and human error” and “deficient financial crime processes” were behind the financial institution’s (FI’s) lack of compliance with anti-moneylaundering (AML) regulations. As many as 23 million occasions, in fact.
Overall, we can better manage liquidity, risk and reporting requirements. This fortifies our capabilities in combating moneylaundering and terrorism financing, enabling us to reinforce compliance with evolving global financial regulatory requirements.”
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