News: WBC Westpac Appoints Promontory To Undertake External Accountability & Financial Crime..., page-9

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Debohon

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29/11/19

14:23

Post #: 41710905
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Originally posted by JCoure: ↑

The write-ups are saying it was due to an "inexperienced" or someone who was later dismissed for insufficient "experience".I wonder how much the identity appointments and "identity politics" of the gender politicized Australian corporate workplace may have had some effect on the scandal. Reading between the lines, it seems that gender played a part in AMP and seems to have also played its part in the Westpac disaster, see below
https://www.copyright link/companies/financial-services/westpac-removed-compliance-officer-who-reported-breach-20191125-p53dqd

Westpac Banking Corp's experienced anti-money laundering chief was told she didn't have the skills for the job and would have to take a more junior role after informing the bank that it faced the largest fine in corporate history, industry sources said.Amanda Wood was Westpac's money-laundering reporting office and head of anti-bribery and corruption.

Amanda Wood, Westpac's money-laundering reporting officer, led the bank's response to the AUSTRAC investigation over 10 months, working with managers from the global transaction services business to understand what happened and provide explanations to AUSTRAC in person and in writing.The former senior AUSTRAC official was also one of the Westpac managers who first informed the senior echelons of the bank that it had failed to notify AUSTRAC of millions of transactions with foreign banks. All international money transfers must be reported to the money-laundering investigator.She regularly briefed the board's compliance committee, which had given itself responsibility for overseeing anti-money laundering and terrorism-financing policy and procedures.Then in May this year, senior AUSTRAC officials, including chief executive Nicole Rose, met the Westpac board to discuss the breaches

Wood was not invited. Approximately 30 minutes after the meeting ended, Ms Wood held a "debrief" meeting with her supervisor, according to a source. She was told that AUSTRAC had informed the board it regarded the breaches as very serious.Each of the 23 million contraventions could, theoretically, incur a fine of $17 million to $21 million.Ms Wood was also told that the bank wanted a money-laundering reporting officer who had more international experience.She was offered a different position with the same pay but less responsibility. Instead of managing an operational team of 50, she would oversee fewer than 10 staff and manage policy and communication with regulators.Rather than take the job, she took a redundancy payout.She was replaced by T. Scott Saunders, a former head of compliance at Macquarie Group. Mr Saunders was given the title global head of financial crime.Westpac spokesman David Lording said the bank wouldn't comment on previous or current staff.

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Rest assured, David Lording, soon will be doing just that in a not so public forum.
That is, until ASIC/ APRA and possibly AUSTRAC can not resist an array of media HMmmmm "leaks".

WBC Price at posting: $24.58 Sentiment: Hold Disclosure: Held
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