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.