Westpac urged to consider the future of its leadership team
Politicians across the aisle are calling on Westpac to consider the future of its leadership team after the bank was accused of 23 million breaches of anti-money laundering and counter terrorism finance laws. CEO Brian Hatzer said he was "disgusted and appalled" by the breaches, but rejected claims the board was indifferent to the risks that triggered them.Mr Hartzer confirmed he did not intend to resign, but Prime Minister Scott Morrison said the bank needed to reflect on its misconduct.
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Australian lender Westpac Banking Corp said on Thursday it would let investors withdraw their share purchase applications filed prior to the money laundering allegations made by financial crime watchdog AUSTRAC on Nov. 20.
The decision was taken after discussions with the Australian Securities and Investments Commission (ASIC), Westpac said, adding that eligible applicants could withdraw their applications by Dec. 6.
Australia's second-largest retail bank is in the midst of a money-laundering scandal, which has already claimed its CEO and chairman.
Westpac could lose access to Victorian government transactions worth up to $60b
Victorian Assistant Treasurer Robin Scott has indicated Westpac could be banned from a competitive tender process for the state's banking services.Assistant Treasurer Robin Scott is launching a review of whether Westpac breached federal or state laws. The bank has been engulfed by allegations that it failed to properly vet thousands of payments linked to child exploitation and breached anti-money laundering laws 23 million times.
A completed Westpac KiwiSaver Scheme First Home Purchase Withdrawal form. A completed solicitor’ s or conveyancing practitioner’ s letter, which Investments made in the Westpac KiwiSaver Scheme (Scheme) do not represent bank deposits or other liabilities of Westpac Banking Corporation
Reserve Bank of Australia data shows Australians made more than 250 million ATM withdrawals from banks other than their own last year. On Sunday, consumer organisation Choice called on the other major banks to follow the Commonwealth and Westpac ' s lead, saying if they did not, it will be
The country's oldest bank faces a lawsuit from AUSTRAC, accusing it of enabling 23 million payments in breach of money laundering laws, including between known child exploiters.
ASIC launched an investigation on Nov. 21 into Westpac's $2.5 billion share sale, the regulator's spokesman said in an email, confirming a report in the Australian Financial Review.
The corporate watchdog has not specified any particular law or focus of that investigation, the spokesman said.
All other terms and conditions of the share purchase plan, including key dates, remain unchanged, Westpac said in an exchange filing.
Two of Australia's top shareholder proxy advisers on Wednesday urged investors to vote out more directors of the lender in the aftermath of the scam.
Westpac to cut executives' bonuses .
Treasurer Josh Frydenberg has repeatedly declined to say whether the board of Westpac should be sacked following money laundering accusations.The announcement comes after Treasurer Josh Frydenberg on Sunday repeatedly declined to say whether the board of the embattled bank should resign or be sacked.