APRA will slash its $1 billion capital penalty levied on the bank four years after it was first implemented.
will slash its $1 billion capital penalty on Westpac by half in recognition of the lender’s work improving risk management and governance since its 2019 money laundering scandal.
The first $500 million capital penalty came in 2019 in a crackdown on all the major banks after poor risk self-assessments.“Westpac is now a simpler, stronger bank with substantially improved risk governance,” Westpac chief executive Peter King said. “We have moved into the transition period, which involves sustainably embedding the uplift in risk management practices.”
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