(Bloomberg) -- Deficient financial crime processes and “poor individual judgments” were at the heart of Westpac Banking Corp.’s breach of anti-money laundering laws, according to a probe commissioned by the lender.

The investigation found some areas of anti-money laundering and counter-terrorism financing laws were not sufficiently understood within the bank, there was unclear accountability for managing compliance, and a lack of sufficient expertise and resourcing.

The report also found reporting to the board on financial crime matters was at times unintentionally incomplete and inaccurate.

“This saga reveals that major sins were ones of omission and not of commission,” the panel led by former Telstra Corp. Chief Executive Officer Ziggy Switkowski said in the report released Thursday.

Westpac last month admitted it breached anti-money laundering rules and didn’t sufficiently monitor the accounts of a dozen customers linked to suspected child abuse.

The bank in November was accused of the biggest breach of money-laundering and terrorism financing laws in Australian history, leading to the departure of former chief executive officer Brian Hartzer. It has set aside A$900 million ($623 million) for a potential settlement, which would be the largest fine levied against an Australian company.

“We recognize we need to change. We completely accept that some important aspects of Westpac’s financial crime risk culture were immature and reactive, and we failed to build sufficient capacity and experience in some important areas,” CEO Peter King said in a statement Thursday. “We have learned from this and are absolutely committed to making amends for this event.”

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