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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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APRA drops big 4 money laundering case

By Cameron Micallef

March 15 2021
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Borrow

APRA drops big 4 money laundering case

By Cameron Micallef
March 15 2021

APRA has followed ASIC in closing its investigation into Westpac over the AUSTRAC scandal, which led to the largest corporate fine in Australian history.

APRA drops big 4 money laundering case

By Cameron Micallef

March 15 2021
Share

APRA has followed ASIC in closing its investigation into Westpac over the AUSTRAC scandal, which led to the largest corporate fine in Australian history.

The prudential regulator says Westpac Banking Corp’s anti-money laundering failings did not amount to a breach of the Banking Executive Accountability Regime (BEAR) or the Banking Act and has closed its investigation, nearly three months after ASIC ceased its investigation.

APRA commenced its investigation in 2019 to examine prudential concerns arising from allegations that Westpac had breached anti-money laundering and counter-terrorism laws.

In 2019, it was revealed that Westpac failed to report millions of money transfers to AUSTRAC, including those which could be linked to child abuses overseas, resulting in a $1.3 billion fine in September last year.

The scandal saw a cleanout of Westpac’s executives, with then CEO Brian Hartzer and chairman Lindsay Maxsted leaving the bank.

Having “carefully considered” the result of ASIC’s investigation – to which it had delegated certain enforcement powers – APRA has closed its investigation.

Despite the investigation ending, APRA said it will keep in place an additional $1 billion capital “add-on” until the big four bank completes an independent review into its governance.

“Westpac remains subject to a court enforceable undertaking, while the $1 billion operational risk capital add-on, reflecting the bank’s ‘heightened operational risk profile’, will remain in place until Westpac completes its remediation,” APRA deputy chair John Lonsdale said.

Mr Lonsdale said although the investigation has not found evidence of breaches of the Banking Act or the BEAR, APRA remains determined to ensure Westpac rectifies its risk governance weaknesses effectively and sustainably.

“Under the enforceable undertaking, Westpac has clearly defined executive and board accountabilities for the implementation of its integrated risk governance remediation plan. APRA will be holding Westpac to account for the delivery of the required improvements,” Mr Lonsdale said.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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