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CHOICE comment on Westpac’s AUSTRAC settlement

Quotes attributable to Alan Kirkland, CEO of CHOICE.

Quotes attributable to Alan Kirkland, CEO of CHOICE:

"Today's settlement between AUSTRAC and Westpac clearly demonstrates that personal executive accountability is still missing in the financial industry. No executives or senior management at Westpac have been held to account by either regulators or the courts for this abhorrent failure of management."

"This underlines the importance of the Federal Government acting on its commitment to pass the Financial Accountability Regime (FAR). If designed correctly, the FAR will be a game-changer for corporate culture in Australia's financial services sector. Individual executives will not be able to hide behind large corporate pay-outs. This new regime will ensure that executives and senior managers of large financial institutions are subject to large civil penalties, disqualification, or deferred bonuses for breaches of the law."

Notes: