What should Westpac investors expect from AUSTRAC woes?
26 November 2019
- Westpac (ASX:WBC) shares rebounded from a week of losses today with CEO Brian Hartzer's resignation
- However, the banking giant is still in hot water after AUSTRAC's revelations last week
- The bank will likely face some heavy penalties for breaching money laundering and counterterrorism financing laws
- The most serious breaches include transactions carrying known child exploitation risks
- A class action is on the way for shareholders who took part in the bank's $2 billion share placement in early November, before the AUSTRAC allegations
- To top things off, ASIC and APRA have launched their own investigations into the bank's misconduct
- While Westpac has apologised and released a response plan, the severity of its punishment is not yet known
- Shares in the bank are up for the first time since AUSTRAC's announcement last week, currently worth just under $25 each
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What should Westpac investors expect from AUSTRAC woes?
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