Westpac appointed two people to a panel that will review the bank's involvement in the major money laundering scandal.
Westpac named Ziggy Switkowski and Kerry Schott as panel members to oversee the review, according to a statement, which said that a third panelist would be announced at a later date.
Switkowski previously held various senior management roles in companies including Suncorp Group and Telstra. Schott was a former managing director at Deutsche Bank AG (DBKGn.DE) and executive vice president at Bankers Trust Australia.
Recommendations to the Board
The panel is expected to determine accountability and provide suggestions on how to improve operations and risk governance on the financial scandal which allegedly included 23 million anti-money laundering breaches which included payments related to known child abusers.
«We are determined to deal with shortcomings in our financial crime processes in a comprehensive and durable manner,» said Westpac chairman Lindsay Maxsted, who is scheduled for early retirement in 2020.
«The panel will contribute to this through recommendations on the board’s risk governance processes and the board’s operation within those processes, as these relate to financial crime matters. We look forward to receiving the findings of both promontory's and the advisory panel’s reviews. They will be important inputs to our work to raise standards and fix any gaps in Westpac’s financial crime-related processes.»
