Australia’s Westpac Banking Corporation announced that its CEO is stepping down after the bank was hit with money laundering accusations.
The country’s second-largest retail bank has been accused of allowing 23 million payments in breach of anti-money laundering laws, including transactions between known child exploiters. As a result, Westpac revealed that CEO Brian Hartzer will be stepping down from his role. In addition, long-standing Director Ewen Crouch has decided to not seek re-election at the upcoming Westpac AGM, while Chairman Lindsay Maxsted confirmed he will retire during the first half of next year.
