Clearly, an oversight you did not mention was that whilst the fine could well have been much larger, but:
The the judge found that ASIC failed to prove that the senior managers of Westpac actually knew of the particular failure and by who .... And, this is exactly where both AUSTRAC, ASIC and APRA [BARE] {the Holy Trinity of Regulatory ineptitude } - will face before an independent tribunal of fact.
Not like-minded regulatory thrill seekers - kicking the (banking) house down !
The regulators will find that below about the third rung down from the Westpac mangement heirarchy/ organogram / the day to day crisies and mangement thereof peter's out as a series of committee's and auditing processes (meant to have worked) - fell short but the geek in charge signed-off. Yep the geek DID in fact do it or possibley DIDN'T do it and overlapping systems did not or could not detect that shortcoming - criminal activity indeed !
WBC Price at posting:
$24.39 Sentiment: Buy Disclosure: Held
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