Money laundering targeted by Westpac

Written by Cherelle Jackson
Monday, 24 March 2008
General Manager of Westpac’s Pacific Banking, Westpac Banking Corporation Ms. Jane Kittel Westpac Bank in Samoa will soon implement a new anti-money laundering system which will identify suspicious behaviour within their banks. This is according to General Manager of Westpac’s Pacific Banking, Westpac Banking Corporation Ms. Jane Kittel in an interview with Newsline. Kittel is no stranger to the issue, having worked in the global fraud and anti money laundering section of Westpac for a few years, she is familiar with financial misdemenours. “Of course in any bank, making sure that you’re managing those risks is absolutely vital and important. So do I see it as an issue that’s any greater in the Pacific than anywhere else in the world, I don’t see it as any bigger,” Kittel said. At different instances however Westpac Bank employees do identify and report instances of a suspicious nature happening in Samoa. Kittel said the new anti-money laundering system will ensure the easy monitoring of such activity. “The system of course will be looking for suspicious behaviour and transactions, then team members are to investigate alerts, to see if there is something suspicious and report to the Central Bank of Samoa as part of our requirements here in Samoa,” Kittel said. The commitment by the local headquarters of Westpac reflects a global aim that Kittel says, makes their bank unique in the Pacific. “To assist in that, we are complying with anti-money laundering legislation in Samoa, across Australia and globally because we operate globally so we need to make sure that we actually adhere to the highest standard,” she said. Westpac also enhanced customer identification processes known as hundred point check, to assist its employees to crack down on money laundering in Samoa. Samoas commitment to anti-money laundering enforcement officially came into effect in the year 2000. In June 2000, the Money Laundering Prevention Act came into force, following its passage by Parliament. According to the Central Bank of Samoa (CBS) the Act creates as a criminal offence the act of money laundering and stipulates the conviction of any person if found guilty, to a fine not exceeding $1.0 million or imprisonment for a period not exceeding seven years or both. CBS says that the vulnerability of the Samoan financial system to money laundering is highly recognized. “The threat that money laundering could pose to national stability and credibility, highlights the significant importance to Samoa of implementing such legislation to combat money-laundering activities,” CBS stated. In its efforts to promote the awareness and understanding of the public and interested stakeholders on money laundering issues, the Central Bank made several publications and press releases about the issue. A seminar was also held with all the financial institutions and relevant agencies covered under the Act, to further promote their understanding with respect to their specific obligations under the Money Laundering Prevention Act 2000. On the international scene, Samoa was formally accepted in June 2000 as a member of the Asia Pacific Group on Money Laundering (APG), multilateral body established with broad objectives to combat money laundering. A commitment was also made by the Government to the United Nations Office for Drug Control and Crime Prevention (UNODCCP) to adhere to certain minimum performance standards and has expressed agreements with the goals of the UN Global Programme against Money Laundering……NBR Newsline Newspaper Catch up with News. Grab a Newsline today. Only $2 tala. Available at all leading retail stores. Comments (0) Subscribe to this comment's feed Write comment Name Email Title Comment
Last Updated ( Monday, 24 March 2008 )

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