westpac wind: Investor pressure following bombshell legal action launched by Australia's financial intelligence agency last week has forced Maxsted, along with chief executive Brian Hartzer and the head of the board risk committee, Ewen Crouch, to announce they are leaving the bank, according to The Guardian. How did Westpac wind up in a child exploitation scandal Read more Large investors including the industry super sector and the Future Fund are closely watching how Westpac refreshes its board in the wake of the scandal, amid market talkthat more directors should resign. Westpac's board will also set up a new financial crime committee, chairman Lindsay Maxsted said. This is something Maxsted has resisted, telling reporters as recently as Tuesday that further defenestrations would be very dangerous . In a lawsuit lodged with the federal court last Wednesday, Austrac accused Westpac of breaching anti-money laundering and counter-terror finance laws 23m times in transactions worth 11bn. In addition to lopping heads at board and executive level, the accusations also smashed Westpac's share price and triggered a raft of additional investigations from the Federal police, the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority. It also linked Westpac's failures to thousands of money transfers to the Philippines that it said were consistent with child exploitation.
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