Westpac chairman John McFarlane has declared the bank won't be bullied into settling a Federal Court action with AUSTRAC for an unreasonable amount, after an independent report found there had been a "noticeable shift" in the bank's response to financial crime from 2017 onwards.
Westpac CEO John McFarlane: "The penalty needs to be based on the facts as to what has actually gone wrong."
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
James Frost writes about banking, funds management and superannuation. Based in Melbourne, James has been reporting on specialist business and finance topics for 15 years. Connect with James on Twitter. Email James at james.frost@afr.com
