Westpac exits staff and cuts salaries of AUSTRAC failures

Westpac has confirmed that people within its ranks lost their jobs or suffered salary cuts as a result of its investigation into the anti-terrorism financial breaches which led to highly-publicised action against the bank by AUSTRAC.

The bank announced to the Australian Securities Exchange (ASX) today the findings of its internal review process and noted that it deeply regretted what had happened along with its chief executive, Peter King stating: “Consequences that have applied to individuals include significant remuneration impacts and disciplinary actions”.

“A number of relevant staff have left the company,” he said.

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King said that the remuneration consequences applied to 38 individuals.

The bank said that the failure concerning international fund transfers non-reporting occurred due to a mix of technology failure and human error dating back to 2009.

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