Australia's banking regulator ends Westpac money laundering probe
Australia’s banking regulator said on Friday it had closed
the investigation against Westpac Banking Corp for possible breaches of
anti-money laundering and counter-terrorism laws.
The bank was first accused of breaching the laws in 2019 by
the country’s financial crime watchdog AUSTRAC, which led to parallel probes by
corporate regulator ASIC and banking regulator Australian Prudential Regulation
Authority (APRA).
In September last year, Westpac was forced to agree to a
record A$1.3 billion ($1.01 billion) payment to settle AUSTRAC’s claims.
APRA said on Friday it had closed its investigation after
considering the results of the probe by ASIC, which was closed in December last
year.
“Although the investigation has not found evidence of
breaches ... APRA remains determined to ensure Westpac rectifies its risk
governance weaknesses effectively and sustainably,” the APRA Deputy Chair John
Lonsdale said.
In a separate statement, Westpac acknowledged APRA’s
decision to end the probe.
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