Possibly the most ridiculous conclusion ever. You work in risk do you? Ever heard of moral hazard? So according to you the bank can do what it likes and shouldn't ever get fined because it needs to maintain its Capital ratios? Here's a hint for you:
1. They need to be fined heavily as a deterrent. In my opinion as much as one year's profits.
2. Shock/horror, they would have to forego a dividend and/or make another Capital raising. Capital ratio problem solved.
I know the market likes to think bank dividends are sacrosanct but when the bank can cover the fine simply by suspending dividends for 12 months the Capital situation is fixed JUST LIKE THAT. Problem solved. It's the bank's problem to fix, they need to do it by cutting dividends. That's how capitalism works sport.
Oh yes, and there'll be the necessary resignations and possibly some prosecutions. I'd bet that mistake wouldn't be made again in a hurry......
Ann: Westpac acknowledges civil proceedings by AUSTRAC, page-157
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