Westpac's board is holding a crisis meeting as investor demand answers for the bank's 23 million breaches of anti-money laundering and counter terror financing laws.
Westpac's share price has fallen for the third consecutive day as reputational and financial damage mounts.
ABC's Peter Ryan says the future of chief executive Brian Hartzer is uncertain.
Friday, November 22, 2019
Westpac laundering scandal threatens investor revolt, CEO sacking, possible board spill, AFP says it's assessing pedophile activity revealed by Austrac
Westpac's money laundering scandal threatens the future of chief executive Brian Hartzer, as investors sharpen their knives for the bank's annual general meeting next month.
The banking giant could suffer a "second strike" after investors revolted last year in response to misconduct revealed at the banking Royal Commission.
The Australian Federal Police says it is assessing pedophile activity in south east Asia revealed in Austrac's statement of claim alleging 23 million breaches of anti-money laundering rules.
ISS head of research Vas Kolesnikoff speaks with ABC's Peter Ryan.
The banking giant could suffer a "second strike" after investors revolted last year in response to misconduct revealed at the banking Royal Commission.
The Australian Federal Police says it is assessing pedophile activity in south east Asia revealed in Austrac's statement of claim alleging 23 million breaches of anti-money laundering rules.
ISS head of research Vas Kolesnikoff speaks with ABC's Peter Ryan.
Thursday, November 21, 2019
Westpac boss Brian Hartzer under pressure over money laundering scandal
Prime Minister Scott Morrison says the Westpac board needs to consider the future of its chief executive Brian Hartzer after the banking giant reels from the latest money laundering scandal.
While Mr Hartzer is refusing to resign, the former ACCC chairman Allan Fels says members of the Westpac board might need to go as well.
Professor Fels tells ABC's Peter Ryan that the financial crime agency Austrac might have been slow in prosecuting the breaches.
Here's my report from The World Today
While Mr Hartzer is refusing to resign, the former ACCC chairman Allan Fels says members of the Westpac board might need to go as well.
Professor Fels tells ABC's Peter Ryan that the financial crime agency Austrac might have been slow in prosecuting the breaches.
Here's my report from The World Today
Wednesday, November 20, 2019
Westpac faces massive fines over 'serious and systemic' anti-money laundering breaches
Westpac is facing massive fines for deficient oversight of its anti-money laundering and terror financing obligations that has allegedly left it exposed to child exploitation rings in South East Asia.
READ THE STORY HERE
The financial intelligence agency AUSTRAC says Westpac broke regulations on 23 million occasions.
ABC's Peter Ryan says the Westpac allegations follow the Commonwealth Bank's money laundering scandal that resulted in s $700 million fine.
READ THE STORY HERE
The financial intelligence agency AUSTRAC says Westpac broke regulations on 23 million occasions.
ABC's Peter Ryan says the Westpac allegations follow the Commonwealth Bank's money laundering scandal that resulted in s $700 million fine.
Subscribe to:
Posts (Atom)