Westpac confirmed it has been hit with another class action relating to the AUSTRAC scandal. Via Financial Standard.
The class action, brought by Johnson Winter & Slattery, has been filed on behalf of certain shareholders who acquired interest in Westpac securities or equity swap confirmations between 2013 and 2019.
“The claim relates to market disclosure issues connected to Westpac’s monitoring of financial crime over the relevant period and matter which are the subject of the AUSTRAC proceedings,” Westpac told the ASX.
“The claim does not identify the amount of any damages sought.”
Westpac said it will be defending the claim, as it has said for the other class actions filed against it.
Prior to this proceeding being filed, Westpac said it expects around $80 million in additional expenses in FY20 as part of its response plan to the AUSTRAC scandal.
The bank is facing 23 million alleged breaches of anti-money laundering and counter-terrorism laws brought on by AUSTRAC.
The regulator alleges, amongst other things, Westpac failed to appropriately assess the online money laundering and terrorism financing risks associated with the movement of money into and out of Australia through correspondent banking relationships.
The bank is also facing class actions from US-based law firm Rosen Law on behalf of purchasers of Westpac shares between November 2015 and November 2019, as well as another Australia-based class action lodged by Phi Finney McDonald.
