Articles on Westpac

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The trouble with looking for transactions ‘consistent’ with ‘known’ patterns ‘indicative’ of child exploitation payments to countries with ‘known’ risks is that countless legitimate payments exhibit similar features. www.shutterstock.com

Westpac ticking every anti-money-laundering box wouldn’t make much difference to criminals

Anti-money laundering rules give the comfort of doing something, but prevent surprisingly little crime.
Westpac has its Annual General Meeting on December 12. “No doubt, there’ll be some very hard discussions between now and then,” Joshn Frydenberg said. JENNY EVANS/AAP

Josh Frydenberg turns up heat on Westpac chiefs as bank issues a ‘response plan’

The government at the weekend piled on more pressure for Westpac heads to roll over the bank’s money laundering scandal, with Treasurer Josh Frydenberg saying the affair had a long way to play out. “These…
Australia’s anti-money-laundering agency has accused Westpac’s senior management, including chief executive Brian Hartzer, of indifference to the bank’s anti-money-laundering obligations. Joel Carrett/AAP

Westpac’s scandal highlights a system failing to deter corporate wrongdoing

It's no wonder corporate wrongdoing occurs when the profits from wrongdoing outweigh the costs of being caught and punished.
“[The Westpac scandal] comes at a bad time for the government which has legislation before parliament to crack down on union behaviour that goes off the rails, and here you have business behaviour being even worse,” says Michelle Grattan. Joel Carrett/AAP

VIDEO: Michelle Grattan on the Westpac scandal - and changes to robo-debt

University of Canberra VC Deep Saini and Michelle Grattan discuss this week in politics, and talk about what to expect in the last parliamentary sitting fortnight, which starts this Monday.
Westpac CEO Brian Hartzer says the bank’s move towards gender equality in management positions is a “signpost that our nation is making progress”. Mick Tsikas/AAP

Did Westpac just mansplain gender diversity to its competitors?

Westpac’s focus on the bottom line benefits of gender diversity overlook the fact that equality is a political imperative, not a corporate one.
There are better ways of dealing with distortions caused by the bank than the government’s quick, politically opportunistic, measure. Joel Carrett/AAP

Budget bank levy: too big to fail, not too big to take a hit

The new levy on banks from the budget is a small hit to their profit but it could have unintended consequences.

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