AUSTRAC litigation update

ASX
Release
12 June 2020

AUSTRAC LITIGATION UPDATE
As indicated in an ASX release on 4 June 2020, Westpac filed its Defence to AUSTRAC’s
Statement of Claim on 15 May 2020, in which it admitted to a substantial majority of the
contraventions alleged by AUSTRAC.
W
estpac has continued to review its processes and as part of that has disclosed to
AUSTRAC issues regarding its obligation to file threshold transaction reports (previously
disclosed in Westpac’s First Half 2020 Results Announcement). In addition, in December
2019 as part of the lookback announced in its response to AUSTRAC's claim, Westpac
reported additional SMRs in relation to potential child exploitation.
Westpac has now been informed by AUSTRAC that it is further investigating these matters
and has notified Westpac it may amend its statement of claim to include allegations arising
from these investigations. AUSTRAC has requested further information from Westpac on
these matters, including in relation to the TTR issues and 272 customers, many of which
were the subject of SMRs previously filed as part of the lookback. Further updates on this
matter will be provided as required.
Ther
e is a further case management hearing on 17 June 2020.
For further information:
D
avid Lording Andrew Bowden
Group Head of Media Relations Head of Investor Relations
0419 683 411 0438 284 863
This document has been authorised for release by Tim Hartin, General Manager & Company Secretary.
Level 18, 275 Kent Street
Sydney, NSW, 2000