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Investigations  /  03.19.2020

Investigation of Westpac Banking Corp.

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Did Westpac Banking Corp. Inc. (WBK) Mislead Shareholders? 

In November 2018 for alleged violations of the Securities Exchange Act of 1934, Westpac Banking Corp. Inc. (WBK) revealed in its 2018 Form 20-F that it had recently self-reported to AUSTRAC, Australia’s anti-money laundering and terrorism financing regulator, a failure to report a large number of International Funds Transfer Instructions. Then, on November 19, 2019, AUSTRAC filed a civil action against Westpac alleging over 23 million breaches of AML/CTF legislation, including failing to report 19.5 million in international fund transfer instructions and failing to carry out due diligence checks that potentially led Westpac to provide services used in the exploitation of children. On this news, Westpac ADRs fell 7.13% to close at $16.67 per ADR.

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