Westpac expects to pay a A$900 mil fine after for payments at the heart of a lawsuit by Austrac. FMTNews
SYDNEY: Australia’s Westpac Banking Corp said it expects a A$900 million fine over accusations it enabled millions of illegal payments including between known child sex offenders, the first time it has put a price on the scandal.
Though Westpac has publicly taken responsibility for payments at the heart of a lawsuit by the financial crime watchdog, the dollar figure gives a sense of the scale of the impact of one of its darkest chapters. The lawsuit saw the bank’s CEO, Brian Hartzer, leave in November 2019 and its chairman bringing forward his retirement but the lawsuit has continued, leaving investors unsure of the cost to the bank which is – like its rivals – already setting aside money to reimburse customers for wrongly charged fees.
The actual fine imposed by the court “may be materially higher or lower than the provision”, it added.On top of the penalty provision, the bank said it expected to report one-off costs totalling A$130 million to improve its financial crime programme, support industry initiatives on financial crime monitoring, and support organisations fighting child exploitation.
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