Is it too little too late for Westpac?
Christmas Jumper Day
We’re taking part in Save the Chil- dren’s Christmas Jumper Day on Friday 13 th December!
By getting together for a cracking day in our festive knits and donating, we’ll be making the future bright- er for children all around the world. Every pound we raise will give chil- dren in the UK and around the globe the chance to grow up healthy and happy, so they can become who they want to be.
Australian bank Westpac have been in the news this month after allegations by Australian’s anti money-launder- ing and terrorism financial regulator Austrac sees the bank facing massive penalties of over 1 billion USD. The allegations claim that Westpac contravened AML and CTF laws on over 23 million occasions, to which the company’s chairman Lindsay Maxsted responded: “We understand the gravity of the issues presented by Austrac and reiterate our deep sorrow for failings by Westpac.” As a result, Westpac has pledged to consolidate its systems into a single, group-wide database and to double its compliance staff to 750, after sus- pending payment of bonuses to exec- utives running the compliance oper- ations. Westpac has also closed its LitePay product, and announced plans to rebuild its technology infrastructure, ahead of an independent auditor over- seeing the process.
The allegations indi- cated that there are still unacceptable shortcomings in this area and the Board understands the need for action and account- ability. We accept that we have fallen short of both our own and reg- ulators’ standards and are determined to get all the facts and assess accountability. - Lindsay Maxsted
What could Save the Childen do with the money we raise? • £2 could pay for antibiotics for eight children suffering from pneumonia • £5 could buy a winter jacket for a child in Syria • £20 could provide a mother and newborn baby with vital supplies
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