In a statement, Westpac said it had been informed by ASIC that it had dropped its investigation “into matters related to the AUSTRAC proceedings” after the intelligence agency launched civil proceedings against the bank in late 2019.
Westpac’s subsequent settlement with AUSTRAC saw the bank handed down the largest fine in Australian corporate history after it was found to have breached anti-money laundering and counter-terrorism financing rules 23 million times.
APRA had delegated its enforcement powers to ASIC around the matter, which related to whether Westpac had breached the Banking Act 1959 and Banking Executive Accountability Regime laws through allowing the AML breaches.
“ASIC has informed Westpac that it has concluded the investigation and that it does not intend to take any enforcement action against Westpac or any individuals in connection with the investigation,” Westpac said.
