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
(([email protected];))
Nov 25 (Reuters) - Westpac Banking Corp (WBC) : WESTPAC...
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