Westpac CEO folds as money-laundering scandal weighs
By Niyati Shetty
(Reuters) - Westpac Banking Corp (AX:WBC) said on Tuesday Chief Executive Brian Hartzer will step down and Chairman Lindsay Maxsted will bring forward his retirement, as the country's biggest money-laundering scandal rocks Australia's No.2 retail bank.
Financial crime regulator AUSTRAC last week accused Westpac of 23 million breaches of anti-money laundering laws, including allowing payments between known child exploiters, triggering calls for Hartzer's resignation.
Australian Prime Minister Scott Morrison had called on the bank's board to consider the CEO's future, and along with Home Affairs Minister Peter Dutton and Attorney General Christian Porter joined investors, analysts and human rights ...