Original article by Richard Gluyas, Joe Kelly
The Australian – Page: 1 & 2 : 25-Nov-19
Treasurer Josh Frydenberg has stressed the need for accountability over Westpac’s massive breach of anti-money laundering and counter-terrorism financing laws. He notes that in addition to Austrac’s civil prosecution, there is the potential for Westpac executives and directors to be disqualified under the Banking Executive Accountability Regime. Meanwhile, Westpac chairman Lindsay Maxsted says executives’ short-term bonuses will be frozen; however, their long-term bonuses are not expected to be affected. Other measures taken by Westpac in response to the scandal include shutting down the LitePay international fund transfer network.
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT. AUSTRALIAN TRANSACTION REPORTS AND ANALYSIS CENTRE, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY