Update on AUSTRAC matter

Media
Release


9 December 2019

Update on AUSTRAC matter

Today Westpac and AUSTRAC appeared in the Federal Court for a case management
hearing in relation to the proceedings commenced by AUSTRAC on 20 November 2019.

The parties jointly told the Court that discussions regarding a Statement of Agreed Facts have
commenced, and the Court adjourned the matter to be further listed for a case management
hearing in late February or early March 2020.

Westpac is determined to resolve this matter with AUSTRAC and to urgently fix its issues
around financial crime compliance.

Westpac needs to have systems and controls in place to prevent its services being exploited
for financial and other serious crime, including to monitor and report certain transaction
activity. Westpac has made a number of changes to its transaction monitoring and is
continuing to review its processes and report to AUSTRAC suspicious matters that are
identified.

Westpac is implementing its Response Plan and is determined to lift its standards and ensure
its anti-money laundering and other financial crime processes meet its obligations.



For further information:

David Lording Andrew Bowden
Group Head of Media Relations Head of Investor Relations
0419 683 411 +61 2 8253 4008


This document has been authorised for release by Timothy Hartin, Group Company Secretary.
 
Level 18, 275 Kent Street
Sydney, NSW, 2000