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Tags: Australia | Westpac resignation

Westpac Bank Chief Resigns over Money-laundering Scandal

Monday, 25 November 2019 11:37 PM

PERTH, Australia (AP) — The chief executive of Australia’s second biggest bank plans to resign following accusations Westpac committed 23 million breaches of anti-money laundering and counterterrorism financing laws.

The financial crime regulator AUSTRAC is pursuing Westpac in the Federal Court for allegedly failing to report millions of international fund transfers including payments allegedly linked to child exploitation in Southeast Asia.

The bank’s CEO, Brian Hartzer, was given 12 months' notice and will still get his $2.7 million Australian dollar salary ($1.83 million). He will forfeit unvested bonuses and is ineligible for future bonuses.

He is the third top executive from the country’s four major banks to depart in the past 18 months amid the scandal-plagued Australian banking sector.

Hartzer will be replaced by Westpac’s current CFO, Peter King, as of December 2.

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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The chief executive of Australia's second biggest bank plans to resign following accusations Westpac committed 23 million breaches of anti-money laundering and counterterrorism financing laws.The financial crime regulator AUSTRAC is pursuing Westpac in the Federal Court for...
Australia,Westpac resignation
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2019-37-25
Monday, 25 November 2019 11:37 PM
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