Westpac has already agreed to admit to the allegations, remediate A$80mn to customers, and pay A$113mn in penalties, subject to court approval.
November 30, 2021Westpac CEO Peter King says the bank is already seeing culture improvements and benefits through reduced complexity and improved accountability.
November 13, 2021The integrated plan outlines a comprehensive program of work to enhance Westpac’s risk culture and risk governance.
April 8, 2021If the Federal Court of Australia determines the penalty is appropriate, it will represent the largest ever civil penalty in Australian history.
September 24, 2020Westpac says aspects of its nonfinancial risk culture are “immature and reactive”, and that the bank is “overly complex”, resulting in unclear accountabilities and challenges in execution.
July 20, 2020While the bank expects to make a provision of A$900mn over AUSTRAC's claim, it says the actual penalty may be materially higher or lower than this amount.
April 15, 2020The class actions seek damages for investors who lost money on Westpac ADRs following the civil penalty orders filed against the bank by AUSTRAC last November.
February 4, 2020