Watchdog accuses Westpac of failing to act on child exploitation risks

Westpac has been accused of failing to carry out due diligence on transactions relating to potential child exploitation in South East Asia.

A Westpac branch in Adelaide. Source: AAP

The financial intelligence watchdog has accused Westpac of failing to conduct due diligence on “high-risk transactions” relating to potential child exploitation.

AUSTRAC is pursuing Westpac for alleged breaches of money laundering and counter-terror laws across "several key areas".

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