Our Response Plan
AUSTRAC launched civil proceedings against Westpac on 20 November 2019. Westpac and AUSTRAC have now reached an agreement to resolve the matter.
In November 2019, Westpac released a Response Plan which included a comprehensive set of actions across three areas:
- Immediate fixes, including closing LitePay
- Lifting our standards, including priority screening and improving cross-industry data sharing
- Protecting people, including investments to reduce the human impact of financial crime