Australia’s banking regulator will use its increased investigative powers for the first time to examine whether Westpac Banking Corp directors and executives broke the law as part of the bank’s money laundering scandal. Westpac will be required to hold an extra A$500 million ($339 million) in capital after the Australian Prudential Regulatory Authority (APRA) announced an investigation into the bank’s alleged money laundering breaches. Westpac shares were down 1.2% in early afternoon trade on Tuesday, while the broader ASX200 was 0.1% higher. …read more
Source:: Yahoo Finance
