Westpac’s chief executive Brian Hartzer will step down in the wake of allegations the bank committed 23 million breaches of Australia’s anti-money laundering laws.
Mr Hartzer will depart the bank on December 2, but has been given 12 months’ notice and will be paid his full $2.7 million salary for the period.
Westpac was sued by the financial intelligence agency AUSTRAC, which last week applied to the Federal Court to issue fines against the bank.
Each breach could attract a civil penalty between $17 million and $21 million.
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