Westpac CEO steps down following money laundering accusations

It’s been announced that Westpac’s CEO will be stepping down, in the wake of the money laundering accusations.

Last week, the financial crime watchdog accused the major bank of breaching almost 20 million anti-money laundering laws, and failing to do customer due diligence on high-risk transactions to Asia with potential child exploitation risks.

This morning, it’s been revealed that chief executive Brian Hartzer will be stepping down effective immediately.


Chairman Lindsay Maxsted also won’t be seeking re-election at next month’s general meeting.

It’s understood the Chief Financial Officer Peter King will replace Hartzer on an interim basis.