Westpac Banking Corp. said it appointed Ziggy Switkowski and Kerry Schott members of an independent advisory panel that is tasked with reviewing the bank's risk governance and accountability in relation to the money-laundering scandal.

Switkowski is chancellor of RMIT University, chairman of NBN Co. and a director of Tabcorp Holdings. He previously held positions, including CEO of Telstra Corp. Ltd. Schott is Chair of the Energy Security Board and a Director of NBN. He is a former managing director and CEO of Sydney Water.

Westpac will make the recommendations of the panel's review public. It expects to announce the appointment of a third member of the panel at a later date.

The panel will review board risk governance and board accountability with regards to the issues raised by the Australian Transaction Reports and Analysis Centre, or AUSTRAC.