•   
  •   

Tech & Science Australia's Westpac allows withdrawal of share purchase applications

01:05  28 november  2019
01:05  28 november  2019 Source:   reuters.com

Westpac urged to consider the future of its leadership team

  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.

Westpac is Australia ' s first bank with a range of innovative financial packages to support your personal, business or corporate banking needs. For further enquiries relating to foreign exchange please visit your local branch, contact your Westpac Relationship Manager or alternatively call 1800

Why Westpac Choice? Debit Mastercard® Use your Debit Mastercard ®1 to shop securely online, access cash at ATMs and use PayPass™ to tap and go ATM network at home and overseas Pay no withdrawal fee at any major bank ATM in Australia (including Westpac , Commonwealth Bank, ANZ

a close up of a laptop: FILE PHOTO: A woman walks past an illuminated logo for Australia's Westpac Bank in Sydney© Reuters/Steven Saphore FILE PHOTO: A woman walks past an illuminated logo for Australia's Westpac Bank in Sydney

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

  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.

—   Share news in the SOC. Networks

Topical videos:

usr: 1
This is interesting!