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ASIC drops investigation into Westpac

by Annie Kane6 minute read
ASIC drops investigation into Westpac

The financial services regulator has concluded its investigation into Westpac’s alleged breaches of anti-money laundering laws and does not intend to take any enforcement action against it, it has confirmed.

The major bank had previously settled the case with AUSTRAC and agreed to pay a record $1.3 billion penalty for over 23 million breaches of anti-money laundering and counter-terrorism financing laws. It has also released a range of actions to rectify and remediate the issues after they were identified.

An investigation into the conduct that led to Westpac’s contraventions of anti-money laundering laws had been undertaken by ASIC earlier this year.

However, Westpac has now revealed that it has been informed by ASIC that the regulator has concluded its investigation and that it “does not intend to take any enforcement action against Westpac or any individuals in connection with the investigation”.

Both the Westpac CEO and the board have “unreservedly” apologised and voiced their “deep sorrow for failings by Westpac”.

[Related: Westpac releases response plan to AUSTRAC issues]

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Annie Kane

Annie Kane


Annie Kane is the managing editor of Momentum's mortgages titles: The Adviser and Mortgage Business.


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