Westpac (ASX:WBC) share price higher following APRA update

The Westpac Banking Corp (ASX: WBC) share price is pushing higher on Friday.

At the time of writing, the banking giant’s shares are up 0.5% to $24.65.

Why is the Westpac share price rising today?

This gain appears to have been driven by a positive investor reaction to an announcement this morning.

That announcement reveals that the Australian Prudential Regulation Authority (APRA) has closed its investigation into matters related to the AUSTRAC proceedings.

This follows the conclusion of ASIC’s AUSTRAC-related investigation in December 2020.

What did APRA say?

APRA advised that it commenced its investigation into Westpac in December 2019 to…