Business
Westpac pledges to clean up act after money laundering scandal – NEWS.com.au
Westpac pledges to clean up act after money laundering scandal
The banking regulator has strongarmed Westpac to lift its risk governance standards following its tumultuous money laundering scandal last year. The country’s second largest bank has agreed to a court enforceable undertaking (CEU) with the Australian Prudential Regulation Authority (APRA) to overhaul its risk culture and oversight of financial crimes.
APRA’s legal leash on Westpac is in response to the 2019 AUSTRAC report that revealed the major bank breached anti-money laundering and counter-terrorism…
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