The bank will also likely face a spate of class actions, with the first expected to be brought by law firm Phi Finney McDonald on behalf of shareholders. Asic is also responsible for issuing financial services licences, which Westpac and other banks hold. But investors who took up the placement are now significantly underwater following the precipitous slide in the share price since last Wednesday’s bombshell revelations. Th. All rights reserved. View announcements, advanced pricing charts, trading status, fundamentals, dividend information, peer … Chief executive Louise Davidson said the failure of the board alleged by Austrac was “incredibly concerning”, especially in light of the long time period over which these issues occurred. Moody’s issued a report saying: “The allegations are credit-negative because of the damage to the bank’s reputation and the adverse financial impact from potential fines and costs related to remedial actions. But contrary to reports that executive bonuses had been scrapped, the release said that 2019 short-term variable bonuses had been “withheld” for the full executive team, “subject to the assessment of accountability”. The Bear, which establishes heightened standards of accountability among authorised deposit-taking institutions such as the major banks, came into force in July 2018 as a response to the revelations in the banking royal commission. WBC Share Price Movement $0.41 ( 2.21% ) Prices as at 16:40, 13 Oct 2020 “We expect the board and CEO of Westpac to clearly explain how the issues identified by Austrac occurred and where accountability will fall. But sources said Apra could potentially take action under other pre-existing powers. The bank also said it had failed to report more than 19.5 million international transfers and didn't keep records relating to the origin of some of them. The Apra investigation is likely to focus on governance issues and whether the actions of Westpac transgressed the Banking Executive Accountability Regime (Bear). Legal action accusing bank of 23m law breaches hits share price and could lead to class actions, Mon 25 Nov 2019 01.16 EST Last Wednesday, Australia’s financial intelligence agency, Austrac, launched legal action against Westpac, accusing it of more than 23m breaches of anti-money laundering and counter-terrorism finance laws involving $11bn in transactions, including transfers potentially linked to child exploitation. Westpac Banking (WBC) share price, charts, trades & the UK's most popular discussion forums. FT is not responsible for any use of content by you outside its scope as stated in the. Westpac is holding crisis talks with its largest institutional investors as legal action over allegations by the money-laundering regulator that the bank breached laws more than 23m times ignited investigations by a raft of other corporate and financial regulators. In one case, when a customer who had served jail time for child exploitation opened a number of Westpac accounts, only one was promptly identified as indicative of child exploitation. Free forex prices, toplists, indices and lots more. “Apra is currently monitoring a major remediation program the bank is carrying out to address identified weaknesses,” the regulator’s spokesman said. The ratings agency concluded that a similar sized fine would be manageable for the smaller Westpac, given the $6.8 billion profit the bank reported for the fiscal year ending 30 June (fiscal 2019). Maxsted said it would add $80m to the bank’s costs in 2020. It spells out the responsibilities of directors and executives of financial institutions and is the main way the government hoped to restore some faith in the battered sector. Westpac Banking stock price, live market quote, shares value, historical data, intraday chart, earnings per share and news. Analyzing Westpac Banking Co. (WBC.AX) (ASX:WBC) stock? Westpac Banking Co. (WBC.AX) declared a final dividend on Tuesday, November 5th. "We have also closed down relevant products and reported all relevant historical transactions.". Aside from the question of whether the directors performed their duties as stewards of the company on behalf of the shareholders, there will be other questions as well.
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