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Morgan Stanley analysts say Westpac may be required to raise capital if Austrac 'bear case' scenario plays out, whilst UBS labels Aussie banks 'global laggards in addressing AML & compliance issues'

Banking
Morgan Stanley analysts say Westpac may be required to raise capital if Austrac 'bear case' scenario plays out, whilst UBS labels Aussie banks 'global laggards in addressing AML & compliance issues'
29th Nov 19, 7:40am by Gareth Vaughan

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6 Comments

by  SmoKey  |  29th Nov 19, 9:00am 1574971258

That fine should be distributed among all the customers of the bank.

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by  Te Kooti  |  29th Nov 19, 10:29am 1574976563

No it shouldn't, Westpac should be made to track down every last child victim of their gross incompetence and it should be used to set them up for life.

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by  SmoKey  |  29th Nov 19, 10:57am 1574978258

Is that practical ? Then Westpac will have to give up its banking licence and become a PI force.

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by  bw  |  30th Nov 19, 12:26pm 1575070000

Any fine WILL be distributed among the customers of the bank!
Who else is going to pay it but customers via higher fees of one sort or another? (But I suspect you meant that!)

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by  Chairman Moa  |  29th Nov 19, 1:04pm 1574985868

Never fear, all senior mgt bonuses will be protected and that estimated A$3 billions fine will be spreaded amongst their customers. The only difference between mafia mobs and the big fours is the sunglasses!

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by  Chris-M  |  30th Nov 19, 9:17pm 1575101851

Why don't our regulators have the testicular fortitude to take on the crooks that have sewn up the NZ economy
like the Australian or USA regulators. They only have to say boo and our lot scurry back into their comfortable Wellington rabbit holes.

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