Westpac Group (ASX:WBC) see the start of civil proceedings by AUSTRAC

Company News

by Rachael Jones

Westpac Group (ASX:WBC) has this morning received a statement of claim from AUSTRAC, starting civil proceedings in relation to alleged contraventions of Westpac’s obligations under the AntiMoney Laundering and Counter-Terrorism Financing Act.

Westpac has previously disclosed that it had selfreported a failure to report a large number of international funds transfer instructions (IFTIs) to AUSTRAC and that AUSTRAC was also investigating a number of other areas relating to Westpac’s processes, procedures and oversight.

Westpac is currently reviewing AUSTRAC’s statement of claim and will issue a further statement to the ASX once it has been assessed.

Shares in Westpac Group (ASX:WBC) are trading 2.03 per cent lowe at $26.01.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.