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Up to Westpac to weigh CEO's future amid money-laundering scandal, Australian PM says

Published 11/21/2019, 06:04 AM
Updated 11/21/2019, 06:08 AM
Up to Westpac to weigh CEO's future amid money-laundering scandal, Australian PM says
WBC
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MELBOURNE, Nov 21 (Reuters) - Prime Minister Scott Morrison
said on Thursday it was up to the board of Westpac Banking Corp
WBC.AX to decide whether Chief Executive Brian Hartzer should
resign in the wake of Australia's biggest money laundering
scandal.
Financial crime watchdog AUSTRAC began legal action on
Wednesday, accusing Westpac of 23 million breaches of anti-money
laundering laws and seeking fines of up to A$21 million ($14
million) for every transaction Australia's second largest bank
failed to monitor adequately or report on time. The allegations included money transfers involving child
exploitation.
Hartzer said he accepted most of the regulator's assertions
but "at a senior executive level, for the board, for me
personally, in no way have we been indifferent on this."
Morrison said it was not up to the government to decide
whether Hartzer should resign.
"These are things that the board and the management need to
determine themselves," Morrison said in an interview on
Australian Broadcasting Corp radio.
"But they should be taking this very seriously, reflecting
on it very deeply and taking the appropriate decisions for the
protection of people's interests in Australia - their safety,"
Morrison said.
"These are some very disturbing, very disturbing
transactions involving despicable behaviour," he added.
Hartzer on Wednesday said he had been "disgusted and
appalled" by AUSTRAC's specific allegations and vowed to "get to
the bottom of why this was able to persist".
Westpac had self-reported the breaches to AUSTRAC and had
since shut down the service at the centre of the complaint which
let customers and affiliate overseas banks process payments from
Australia.

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