Westpac has created a role to oversee financial crime and compliance after the bank was caught up in a major money laundering scandal last year.
Les Vance, the chief operating officer of its consumer division, has been appointed to the new position and will be responsible for overseeing the group’s financial crime, compliance and conduct management.
Australia’s second-largest bank last week admitted to millions of breaches of anti-money laundering and counterterrorism laws in a filing in Federal Court and admitted it had failed to correctly report various international transfers of funds as required by law.
It has, however, denied accusations it enabled illegal payments between known child sex offenders.
Last November, regulator AUSTRAC filed a civil lawsuit accusing the bank of presiding over 23 million payments that violated anti-money laundering protocols, including payments by Australians to child pornography purveyors in the Philippines.
The lender has already set aside $900 million for an expected fine in the case.
Westpac on Tuesday also said David Lindberg, chief executive of the consumer division, and chief information officer Craig Bright were leaving the bank to take up roles outside Australia.
News Value: 2Words: 188Source: AAPMetadataSLUGLINEWestpacCATEGORYbankingCONTENT TYPE