Original article by James Eyers, Michael Pelly
The Australian Financial Review – Page: 1 & 6 : 22-Nov-19
Attorney-General Christian Porter says he will keep a "watching brief" on the prosecution of Westpac for breaching anti-money laundering laws. He has also warned that Westpac is likely to incur a much bigger financial penalty than the Commonwealth Bank’s record $700m fine for far less serious breaches. Meanwhile, the Australian Prudential Regulation Authority will look into the potential application of the federal government’s Bank Executive Accountability Regime to the Westpac case, while ASIC may investigate whether the bank has breached the Corporations Act.
AUSTRALIA. ATTORNEY-GENERAL’S DEPT, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, MACQUARIE UNIVERSITY