Anti-Financial Crime & Financial Crime Compliance
Regulatory Intelligence Leadership | Insight | Network

Compliance

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”.

AML Intelligence
Subscribe now to have unlimited access

With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!