(Reuters) – An Australian banking regulator said on Friday it closed the investigation against Westpac Banking Corp. for possible breaches of counter-currency and counter-terrorism.
The bank was first accused of breaking the laws in 2019 by the country’s financial crime watchdog AUSTRAC, which led to parallel probes with corporate regulator ASIC and banking regulator the Australian Prudential Regulation Authority (APRA).
In September last year, Westpac had to agree to a maximum payment of A $ 1.3 billion ($ 1.01 billion) to settle AUSTRAC claims.
APRA said Friday it closed its study after discussing the results of the probe with ASIC, which closed in December last year.
“While the investigation found no evidence of breaches … APRA remains committed to ensuring that Westpac rectifies its risk management weaknesses effectively and sustainably,” said APRA Vice-Chairman John Lonsdale.
In a separate statement, Westpac acknowledged APRA’s decision to end the probe.
($ 1 = 1.2844 Australian dollars)
Reporting by Arundhati Dutta in Bengaluru; Edited by Shounak Dasgupta