Westpac Chairman Lindsay Maxsted(pic), who will retire early as a result of the allegations, said the bank "accepted the gravity" of the AUSTRAC claims and would co-operate with the APRA investigation.
SYDNEY: Australia's banking regulator will use its increased investigative powers for the first time to examine whether Westpac Banking Corp directors and executives broke the law as part of the bank's money laundering scandal.
Westpac will be required to hold an extra A$500 million ($339 million) in capital after the Australian Prudential Regulatory Authority (APRA) announced an investigation into the bank's alleged money laundering breaches.
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