executive accountability: Apra said it would also review Westpac's governance of risk, including executive accountability and remuneration, according to The Guardian. Furious shareholders front 'incompetent' Westpac executives at AGMRead more The investigation comes after Australia's financial intelligence agency, Austrac, launched legal action against Westpac last month alleging the bank breached anti-money-laundering and counter-terrorism finance laws 23m times, including by allowing customers to transfer money to the Philippines in a manner consistent with child exploitation. And the Australian Prudential Regulation Authority told Westpac it must set aside an additional 500m in capital, bringing the total capital penalty imposed on the bank since the middle of the year to 1bn. It is the latest blow for the bank over a scandal which has already lopped the heads of its chief executive and chairman and earned a second strike against its remuneration report from furious shareholders. Separately, federal police are investigating the payments to the Philippines. Apra said it would cooperate with investigations being conducted by Austrac and the Australian Securities and Investments Commission.
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