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.
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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
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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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