Fraudulent practices of a corporation can be committed either internally by employees, managers, officers, or owners of the business or externally. External fraud is performed by customers, vendors, and other parties that seek to defraud individuals (Arthur J. Gallagher & Co., 2018). Internal fraud also called occupational fraud can be defined as the use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the organization's resources or assets. In the case of Westpac and its founder Bill Papas, this was widespread and undeterred for an unfathomable duration (Chau, 2021). Simply stated, this type of fraud occurs when an employee, manager, or executive like Bill Papas commits fraud against his or her company (Arthur J. Gallagher & Co., 2018).

Due to fraudulent practices throughout Westpac was forced to pay $1.3 billion for 23 million breaches of money laundering laws. This penalty comes after the financial crimes regulatory body Austrac accused Westpac of failing to prevent breaches of anti-money laundering and counter terrorism (Butler, 2021). Westpac was convicted of breaking financing laws and breaches of anti-money laundering laws that damaged Westpac's reputation. However, the further $1.3 billion in additional fines was reputation shattering. Those money laundering breaches also exposed that Westpac was dealing with Child Exploitation Rings in Southeast Asia in particular.

Baring legal penalty Westpac could have deployed internal and external audit controls to track and warn everyone employed by the corporation in the banking sector, that they need to be aware, prepared, and making ethically sound financial judgements across all foreign currency transactions (Arthur J. Gallagher & Co., 2018). In addition to catching and auditing those initial breaches for Westpac compliance regulations. Thus, resulting penalties have tarnished the Westpac Label. This in comparison to the Hollywood movie "Wolf of Wallstreet" because as of now, the founder Bill Papas has fled Australia on the lamb, dodging an arrest warrant (Chau, 2021).

Is there anything else that could have been done to detect this act earlier or to prevent it from happening? Why or why not?