Australia's banking regulator will use its increased investigative powers f...
SYDNEY - Australia’s banking regulator will use its increased investigative powers for the first time to examine whether Westpac Banking Corp directors and executives broke the law as part of the bank’s money laundering scandal.
Westpac will be required to hold an extra A$500 million in capital after the Australian Prudential Regulatory Authority announced an investigation into the bank’s alleged money laundering breaches.In a statement, APRA said the bank would now need the extra capital to “reflect the heightened operational risk profile of the bank”.
Under the laws, APRA has the powers to directly disqualify directors and executives itself rather than pursue people through the Australian court system. Westpac Chairman Lindsay Maxsted, who will retire early as a result of the allegations, said the bank “accepted the gravity” of the AUSTRAC claims.“As previously stated, these shortcomings are unacceptable and we are determined to urgently fix these issues and lift our standards,” Maxsted said in a statement to the ASX.
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