Westpac Banking Corp will be required to hold an extra A$500 million in capital ...
FILE PHOTO: A woman walks past an illuminated logo for Australia's Westpac Bank in Sydney, Australia, September 6, 2017. REUTERS/Steven Saphore/File Photo
In a statement, the Australian Prudential Regulation Authority said the bank would now need the extra capital to “reflect the heightened operational risk profile of the bank”. Westpac, which is Australia’s second largest bank by market capitalisation, was accused by AUSTRAC, the financial crimes agency, last month of breaching anti-money laundering laws up to 23 million times between 2013 and 2019.
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