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Westpac faces civil suit related to disclosures, AUSTRAC allegations

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Westpac faces civil suit related to disclosures, AUSTRAC allegations

Westpac Banking Corp. is facing a class action on behalf of certain shareholders who acquired the bank's shares between Dec. 16, 2013, and Nov. 19, 2019.

Law firm Phi Finney McDonald filed the class action, which is related to market disclosure issues about Westpac's monitoring of alleged financial crime over the period, as well as the recent allegations of money laundering by the Australian Transaction Reports and Analysis Centre, or AUSTRAC.

Westpac said Dec. 18 that the claim does not identify the amount of damages sought.

Westpac is also facing a suit from AUSTRAC over 23 million alleged breaches of anti-money laundering laws.