Embattled bank Westpac (ASX:WBC) has kicked of its AGM in Sydney this morning with Chairman Lindsay Maxsted saying the board is deeply distressed in the wake of civil proceedings brought against the bank by AUSTRAC.
Mr Maxsted has apologised to anyone exposed to the risk of harm as a result of failings on behalf of the bank.
Late last month AUSTRAC released its statement of claim including allegations that Westpac facilitated transactions enabling child exploitation in the Philippines.
Today Mr Maxsted told shareholders the bank has been investing to improve it’s management of financial crime risks and has strengthened it’s policies, data systems, processes and controls.
Shares in Westpac (ASX:WBC) are trading are trading 0.8 per cent lower at $24.19.