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ANZ, Commonwealth Bank, Westpac commercialize blockchain guarantees
Today Australia’s three biggest banks announced the commercialization of their blockchain bank guarantee platform, Lygon. ANZ, Commonwealth Bank, Westpac, IBM and shopping center firm SCENTRE have incorporated Lygon 1B as a standalone company to manage the project. Because the guarantees are digitally signed and verified, the risk of fraud is significantly reduced. Additionally, there’s greater efficiency and a reduced risk of...
8 months ago
Second Largest Australian Bank Broke AML Laws More Than 23 Million Times
Westpac, Australia’s second-largest bank, violated money laundering laws 23 million times and could be fined AUD21 million (US$15.7 million) per breach. Westpac Banking Corp, the second-largest bank in Australia, currently faces multiple accusations. One of them is pertaining to the biggest breach of terrorism financing and money laundering laws in history. According to reports, the bank failed to detect over $7.5 billion in cross-border transactions, in addition to infringing money laundering laws 23 million times...
a year ago