Professor Allan Fels of the ACCC when interviewed on the AUSTRAC saga re: Westpac said Westpac can withstand quite easily a fine of several billion without any disruption to its current business (inference of not changing anything including Dividends): other than a change in Management and management practices and keeping up with its regulatory compliance issues. Anticipate > $1Bn Westpac would and should contest.
Note: despite all that has happened - nothing gets away from the fact that AUSTRAC/ AFP new and were suspicious of the activity from March 2019 of the particular 12 Westpac customers remitting to Asia and requested Westpac to continue to monitor/ report going forward from then ...
AUSTRAC seems to argue that AUSTRAC was suspicious of these customers and what they may/ are about - Westpac should have taken the initiative and closed their accounts : may be true.
But why play regulatory 'games' other than to seek the $Bn 'prize' games and not actually tell Westpac of their concerns/ suspicions at least ?
Penalty must therefore be moderated. Entrapment not on !
I'm still punting on a $500m Settlement due to the large number of non-reports of the suspicious reportable transactions (SRT's).
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westpac banking corporation
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WBC’s Fine, page-6
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Last
$33.07 |
Change
-1.240(3.61%) |
Mkt cap ! $113.1B |
Open | High | Low | Value | Volume |
$34.03 | $34.10 | $32.94 | $142.1M | 4.277M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 25 | $33.07 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$33.11 | 687 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 25 | 33.070 |
1 | 5000 | 33.040 |
1 | 500 | 33.020 |
1 | 1000 | 33.010 |
8 | 5473 | 33.000 |
Price($) | Vol. | No. |
---|---|---|
33.110 | 687 | 2 |
33.250 | 500 | 1 |
33.290 | 2000 | 1 |
33.310 | 1050 | 1 |
33.320 | 600 | 1 |
Last trade - 16.10pm 21/07/2025 (20 minute delay) ? |
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WBC (ASX) Chart |