Up to Westpac to weigh CEO's future amid money-laundering scandal, Australian PM says

20 Nov by Vitaliy Dadalyan

Up to Westpac to weigh CEO's future amid money-laundering scandal, Australian PM says

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Up to Westpac to weigh CEO's future amid money-laundering scandal, Australian PM saysPrime Minister Scott Morrison said on Thursday it was up to the board of Westpac Banking Corp to decide whether Chief Executive Brian Hartzer should resign in the wake of Australia’s biggest money laundering scandal. Financial crime watchdog AUSTRAC began legal action on Wednesday, accusing Westpac of 23 million breaches of anti-money laundering laws and seeking fines of up to A$21 million ($14 million) for every transaction Australia’s second largest bank failed to monitor adequately or report on time. The allegations included money transfers involving child exploitation.