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Australian regulator files civil proceedings against Westpac for compliance failures; Deputy Chair slams bank for ‘poor compliance culture’

By Elizabeth Hearst for AMLi

The Australian securities regulator has announced it has filed six civil penalty proceedings against Australia’s third-largest bank, Westpac, as a result of numerous compliance failures. 

In a statement, the Australian Securities and Investments Commission (ASIC) said it had commenced proceedings against Westpac in Federal Court, following allegations of “widespread compliance failures across multiple Westpac businesses”.

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