Regulators accused Australia's Westpac Banking Corp of 23 million breaches ...
to pay a record A$700 million penalty after admitting to allowing 53,750 payments that violated similar protocols. It also brings fresh scrutiny to an industry still trying to rebuild community trust after a bruising Royal Commission public inquiry.
“Like everyone who has read the statement of claim, I am personally disgusted and appalled,” Westpac CEO Brian Hartzer said on a call with reporters, adding the bank “should have done better”. “We see downside risk for bank capital persisting until fines, penalties and remediation provisions subside normalize.”
One customer who had served a prison sentence for child exploitation set up several Westpac accounts. Westpac detected suspicious activity in one account but failed to review the other accounts which were used to send payments to the Philippines, AUSTRAC said.
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