AP, PERTH, AustraliaThe chief executive of Australia’s second-biggest bank yesterday said that he plans to resign following accusations that Westpac Banking Corp committed 23 million breaches of anti-money laundering and counterterrorism financing laws. Westpac chief executive officer Brian Hartzer was given 12 months’ notice and is still to receive his A$2.7 million salary (US$1.83 million). Hartzer is to be replaced by Westpac chief financial officer Peter King as of Dec. 2. King announced his retirement in September, but is to remain until a permanent replacement is appointed. The bank is suspected of failing to report 19.5 million international fund transfers worth more than US$7 billion from November 2013 to September last year.

Source: Taipei Times November 26, 2019 15:56 UTC