Misconduct Westpac has flagged a $1.2 billion hit to earnings caused by write-downs across its insurance businesses, a growing remediation bill and mounting costs related to the landmark legal case over anti-money laundering law breaches. https://www.smh.com.au/businpas/bankin wand-financeiwestpac-flags-1-2b-hit-to-earnings-cm-misconduct-costs-write-downs-20201026-p568iz.html• AUSTRAC says Westpac breached anti-money laundering rules more than 23 million times, involving transactions of more than $11 billion • The $1.3 billion penalty is almost twice the previous largest fine of $700 million against CBA in 2018 • Westpac says it has now closed down the relevant products and enhanced its money laundering monitoring https://www.ahc.net.au/news/2020-09-24/westpac-settles-amtrac-money-laundering-case/12696438Corporate governance of Westpac Corporate governance is about promoting fairness, transparency and accountability by setting out the rights and responsibilities of the Board, management and shareholders.Anti-money laundering and counter-terrorism financing The Westpac Group aims to prevent, detect and not knowingly facilitate money laundering and terrorism financing. Westpac does this to protect the Group’s reputation, to comply with relevant laws and to be a good corporate citizen. https://www.westpac.com ailiabout-westpac/weitpac-group/corporate-governance/
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