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Westpac … Slackpac

The announcement was made an hour before the bank itself acknowledged the breaches while also revealing the regulator had delivered an early assessment of its risk governance following the AUSTRAC debacle and said it expected to enter into an enforceable undertaking over its shortcomings.

“APRA has now notified Westpac of its progress, findings, and proposed next steps. In particular, APRA identified that Westpac has an immature and reactive risk culture, unclear accountabilities, capability shortfalls and inadequate oversight,” the bank said.

In a statement the bank said it had commenced multiple streams of work to address the issues identified by the regulator but accepted it had not moved quickly enough to address the regulators concerns with Westpac CEO Peter King apologising for the errors.

(editor – From Westpac web site) – Established in 1817 as the Bank of New South Wales, the company changed its name to Westpac Banking Corporation in 1982. For over 200 years we have played an important role in the economic and social fabric of Australia.

Dash Editor

Self-confessed confused news junkie, with lifelong additions to coffee, great conversations, perfection in all its forms, cold wine, hot music and puppy dogs.

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