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Westpac hit with formal warning over failings to detect 8000 international transactions by Reserve Bank of New Zealand

By Elizabeth Hearst for AMLi

The Reserve Bank of New Zealand (RBNZ) has slapped beleaguered bank Westpac with a formal warning, following reports the bank failed to detect and report 8000 international transactions over an eight-month period.

RBNZ has said it detected “serious failings” during an on-site inspection by its AML/CFT team less than 12 months after the bank was hit with a record-breaking $1.3 Billion settlement for AML failures in Australia.

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