Australia: Australian watchdog to not take action against Westpac in illegal payments probe

Australia’s Westpac Banking Corp said on Wednesday the country’s corporate regulator will not take any action against it, after a probe into allegations that the lender enabled millions of illegal payments to people exploiting children.

The Australian Securities and Investments Commission (ASIC), had begun its probe after financial crime watchdog AUSTRAC in November 2019 accused the country’s second biggest lender of breaching anti-money laundering laws.

The ASIC declined Reuters request to comment on Westpac’s statement.

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(Picture: EPA)

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