The banking regulator launches an investigation into whether Westpac's alleged failures to conduct adequate money laundering checks also breached the Banking Act and accountability rules.
The banking regulator is now investigating Westpac over whether it may have breached the Banking Act by failing to comply fully with anti-money laundering rules for many years.APRA is investigating whether"fundamental deficiencies" in Westpac's risk management led to alleged money laundering breaches
Late last month, the Federal Government's financial crime agency AUSTRAC launched a Federal Court action against Westpac, alleging the bank had breached anti-money laundering laws on more than 23 million occasions. "AUSTRAC's statement of claim in relation to Westpac contains serious allegations that question the prudential standing of Australia's second-largest bank," APRA's deputy chair John Lonsdale said in a statement.
Specifically, the regulator will be looking at whether the bank's governance and risk management were adequate, whether its remuneration and accountability arrangements were appropriate, whether there were failures to comply with the BEAR and whether it failed to promptly notify APRA of potential breaches.
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