News: WBC Westpac Banking Updates On Co's Response To Issues Raised By AUSTRAC

Nov 25 (Reuters) - Westpac Banking Corp (WBC) :

• WESTPAC ANNOUNCES RESPONSE PLAN
• WESTPAC'S CHAIRMAN LINDSAY MAXSTED PROVIDED UPDATE ON WESTPAC'S RESPONSE TO ISSUES RAISED BY AUSTRAC IN ITS STATEMENT OF CLAIM
• "ACCEPT THAT WE HAVE FALLEN SHORT OF BOTH OUR OWN AND REGULATORS' STANDARDS"
• IMMEDIATE FIXES, INCLUDING CLOSING LITEPAY
• BOARD HAS DETERMINED THAT EITHER ALL OR PART OF GRANT OF 2019 SHORT TERM VARIABLE REWARD WILL BE WITHHELD FOR FULL EXECUTIVE TEAM
• "WE RECOGNISE SERIOUSNESS OF THESE EVENTS AND THAT IS WHY WE WILL APPOINT AN EXTERNAL EXPERT TO PROVIDE INDEPENDENT OVERSIGHT OF PROCESS"
• COMMITTED TO IMPLEMENTING ITS INITIAL RESPONSE PLAN AS MATTER OF URGENCY & WILL CONTINUE TO WORK CONSTRUCTIVELY WITH AUSTRAC
• "WE ARE CURRENTLY WORKING THROUGH OUR RESPONSE TO STATEMENT OF CLAIM AND ARE COMMENCING INDEPENDENT REVIEW"
• CO WILL ESTABLISH A DEDICATED BOARD FINANCIAL CRIME SUB-COMMITTEE, CHAIRED BY A NONEXECUTIVE DIRECTOR
• BOARD FINANCIAL CRIME SUB-COMMITTEE TO COMMISSION EXTERNAL EXPERT TO INDEPENDENTLY REVIEW CO'S PROGRAM INCLUDING REVIEW OF ACCOUNTABILITY

Source text: bit.ly/37wZRfr

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