AUSTRAC-WESTPAC SCANDALS...
- Article by Helen Bird 1st degree connection
- Helen has a account
Corporate Governance Discipline Leader @Swinburne, Panel Member at ASIC & Committee member at RMIA
Is AUSTRAC overplaying its hand? My response is a resounding no, not yet.
Reading Karen Maley, you might think otherwise. The bankers have been in her ear.
Points to keep in mind:
1. AUSTRAC, as a government agency, must be a 'model litigator'. It cannot make idle threats, threaten amended prosecutions and not bring them etc.
2. AUSTRAC has lawyers too and they are required to ensure that the agency has a strong case before issuing legal proceedings.
3. What Westpac apprehends should be the extent of its liability ($900m) is only Westpac's view.
4. Westpac's financial position in 2019 v 2020 has no bearing on the quantum of penalty in these proceedings.
5. The governance report commissioned by Westpac about its governance and knowledge of the AUSTRAC matters is not a legal document. Don't mistake it for one.
6. Don't under estimate Westpac's desire to settle this case. The reputational risk of this one has already been high.
7. What other non-Westpac bankers think: irrelevant. They won't be in the courtroom.
#enforcement #settlements #governance Westpac
(20min delay)