November 24, 2019 / 8:51 PM / 17 days ago

Australia's Westpac to close funds transfer platform after AUSTRAC allegations

Nov 25 (Reuters) - Australia’s second largest bank Westpac Banking Corp on Monday said it would close an international funds transfer platform as part of an immediate fix in response to allegations raised by financial crime watchdog AUSTRAC.

Westpac also said its board had decided to withhold either all or part of the 2019 Short Term Variable Reward for the full executive team and several members of the general management team.

Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Kirsten Donovan

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