A visit to New Zealand is a step back to a time before the pandemic, when large crowds still congregated at events. New Zealand has been amongst the most successful in beating back COVID-19 and is bearing financial fruits with its enviable, relatively positive economic performance. But a strong recovery is not guaranteed for the country—which, while an island, depends on the rest of the world for its prosperity.
Westpac Banking Corporation
The risks to banks and their executives from non-compliance with anti-money-laundering regulations are increasing dramatically. The United Nations estimates that as much as $2 trillion (5 percent) of global GDP is laundered. Since 2018, the exits of CEOs from Westpac, Swedbank and Danske Bank underscore the consequences. To effectively manage money-laundering risks, bank executives need to have sound answers from their compliance, security and IT professionals to five core questions.
Australia, famous for its coral reefs and koala bears, is also home to some of the world’s most brazen banks. The Royal Commission that spent months investigating the actions of the nation’s top banks uncovered a hornet’s nest of misconduct and customer exploitation. Needless to say, remedial steps are in effect, and the banks involved have been left with little choice but to take swift corrective measures.