Our Response Plan
AUSTRAC launched civil proceedings against Westpac on 20 November 2019. Westpac and AUSTRAC have now reached an agreement to resolve the matter.
In November 2019, Westpac released a Response Plan which included a comprehensive set of actions across three areas:
- Immediate fixes, including closing LitePay
- Lifting our standards, including priority screening and improving cross-industry data sharing
- Protecting people, including investments to reduce the human impact of financial crime
Media Releases
- 24/09/2020 Westpac and AUSTRAC reach agreement on AML/CTF civil proceedings subject to Federal Court approval
- 12/07/2020 AUSTRAC litigation update
- 4/06/2020 Westpac releases findings into AUSTRAC Statement of Claim issues
- 15/05/2020 Westpac files defence to AUSTRAC Federal Court proceedings
- 03/02/2020 Rosen Law Firm US class action
- 16/01/2020 Westpac announces final member of independent Advisory Panel for AUSTRAC Accountability Review
- 20/12/2019 Westpac announces Accountability Review Advisory Panel members
- 17/12/2019 Westpac acknowledges APRA announcement
- 09/12/2019 Update on AUSTRAC matter
- 28/11/2019 Westpac appoints Board Financial Crime Committee and announces Promontory to undertake Financial Crime Program and Accountability Review
- 28/11/2019 Westpac announces new Acting Group Executive Enterprise Services
- 28/11/2019 Westpac Share Purchase Plan withdrawal option
- 26/11/2019 Westpac Board announces CEO and Board changes
- 26/11/2019 Correction
- 24/11/2019 Westpac announces response plan
- 22/11/2019 Westpac Board unreservedly apologises
- 20/11/2019 Westpac responds to AUSTRAC’s Statement of Claim
- 20/11/2019 Westpac acknowledges commencement of civil proceedings by AUSTRAC