Westpac has newly appointed its board financial crime committee and has appointed Promontory Financial Group to undertake the external accountability and financial crime program review which has been outlined in its response plan.
Westpac’s group chair, Lindsay Maxsted, said the committee would be chaired by non-executive director, Peter Nash, and included other non-executive directors, Nerida Caesar, Steven Harker and Margaret Seale.
“Westpac is determined to urgently address the issues that have given rise to the Austrac statement of claim,” Maxsted said.
“We are genuinely remorseful for any hurt caused by the shortcomings in our systems and processes and understand we need to find the root causes and ensure accountability.”
The bank said that, in addition to Promontory’s appointment, it would also establish an accountability review advisory panel of three independent experts to consider Promontory’s report and provide recommendations on governance as well as board accountability.