As indicated earlier this month, Westpac filed its Defence to AUSTRAC's Statement of Claim on 15 May 2020, in which it admitted to a substantial majority of the contraventions alleged by AUSTRAC.
Westpac says it has continued to review its processes and as part of that has disclosed to AUSTRAC issues regarding its obligation to file threshold transaction reports (previously disclosed in Westpac's First Half 2020 Results Announcement). In addition, in December 2019 as part of the lookback announced in its response to AUSTRAC's claim, Westpac reported additional SMRs in relation to potential child exploitation.
