Westpac's Capacity to Generate Earnings Sufficient to Absorb AUD 1.3 bn Penalty; Franchise Resilient

Banking Organizations


Westpac Banking Corporation (Westpac or the Group) announced an agreement on September 24, 2020 with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to resolve the civil proceedings commenced in the Federal Court of Australia on November 20, 2019. Under the agreement, Westpac is to pay a penalty of AUD 1.3 billion in relation to admitted contraventions of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).