Westpac Banking Corp. has begun an accountability review that will include reviewing staff emails for the past 10 years, as the bank deals with allegations of breaches of financial crime laws, The Australian reported.
Law firms King & Wood Mallesons, Allens and Westpac's human resources team are conducting the review, which is expected to include engagement with former senior staff and will be largely focused on the institutional bank and risk divisions, sources told the publication.
The review will include some of the former senior staff such as Alexandra Holcomb, the bank's former chief risk officer, and former head of Westpac's institutional bank, Rob Whitfield. The division's current head Lyn Cobley, as well as current general manager of global transaction services Dianne Challenor may also be subject to investigation.
Westpac is facing allegations that it breached anti-money laundering and counterterrorism financing laws on more than 23 million occasions. The Australian Transaction Reports and Analysis Centre applied to the Federal Court of Australia for civil penalty orders against Westpac.