Class Action, page-14

I'm skeptical of the chances of this class action succeeding.

Westpac was fined $1.3b because they didn't have adequate systemic processes in place to properly identify, manage, and report risks associated with suspicious transactions to AUSTRAC. That triggered the departure of the CEO and Chairman. Key reported reasons for the failures included lack of staff with expertise, and lack of understanding of the depth of expertise needed.

This class action is based on the premise that Westpac did not update the market about the risks. For that to succeed, there would need to be evidence that key personnel who were aware of the risks failed to disclose the. But, the fact they didn't have adequate processes or expert people to identify, manage, and report the risks suggests they can claim insufficient knowledge of the nature of the risks to update the market.