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.
Westpac Banking Corporation
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.