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Thread: Bank scandal

  1. #1
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    Default Bank scandal

    On the Australian news this morning the following story.


    Westpac chief executive Brian Hartzer quits amid pressure over money laundering scandal
    By Stephen Letts and Matthew Doran
    Updated 44 minutes ago



    Westpac's chief executive Brian Hartzer will step down in the wake of allegations the bank committed 23 million breaches of Australia's anti-money laundering laws.

    Key points:

    Mr Hartzer will depart the bank next week with a full year's $2.7 million salary, but with his unvested bonuses not paid
    Amongst the bank's alleged breaches is a failure to adequately monitor the accounts of a convicted child sex offender who was regularly sending money to the Philippines
    Westpac chair Lindsay Maxsted will also leave the bank in the first half of next year, while current chief financial officer Peter King takes over as acting CEO
    Mr Hartzer will depart the bank on December 2, but has been given 12 months' notice and will be paid his full $2.7 million salary for the period.

    However, his so-far unvested short and long-term bonuses will not be paid and he will not be eligible for any future bonuses.

    Westpac was sued by the financial intelligence agency AUSTRAC, which last week applied to the Federal Court to issue fines against the bank.

    Each breach could attract a civil penalty between $17 million and $21 million.

    Mr Hartzer's abrupt departure follows pressure from all quarters in the wake of AUSTRAC's decision to pursue charges over the bank's deficient oversight of its anti-money laundering and terrorism financing obligations.

    Astonishing what you can get away with if you are a "fat cat".

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    Default Re: Bank scandal

    Trevor, Take it from me mate all the big bankers have done our country no favour's Terry.
    {terry scouse}

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    Cool Re: Bank scandal

    Trevor:

    Off subject of your post so hope you and the moderator will give me a shore pass:

    I see you are posting from Budapest and assume you live there. If it's not an imposition, could you tell us what life is like living in Budapest? And perhaps what made you live there? and anything you might think would be of interest to an outsider?

    Cheers, Rodney from South Carolina, USA.

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    Default Re: Bank scandal

    Money laundering via an ATM was made easy by ASIC.
    They are the controlling body over the banks and they gave approval for this type of ATM to be installed.

    With the old style it was face to face with the counter staff when you made a deposit, so if you made regular ones of large amounts, which some using ATM have, they could ask questions.
    ATM do not have the ability to do this so it is very easy to put money into any form of account.

    But further than this Westpac is known as the 'Business' bank, mainly interested in large business not so much the day to day person.

    Obviously when ASIC approved these style of ATM they had never considered this possibility.
    Happy daze John in Oz.

    Life is too short to blend in.

    John Strange R737787
    World Traveller

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    Default Re: Bank scandal

    Rodney, yes i live in Budapest and it is truly a very old and interesting city. Many old buildings have amazing architectural features and when you walk around you must always look up at times to appreciate what type of buildings were once commonplace. Even the ironwork on doorways, windows and balconies has been done by people who really knew their trade.
    I grew up in Kent and at 16 went deep sea, so when i left England in 1972 for Australia i didn’t spend a lot of time there from 1964 onwards except on leave.
    Met my current wife in Oz where we were both couriers for large Pharmacy company. She is Hungarian and spent 26 years in Melbourne. We came here on holiday in about 2009 0r so and i liked the place very much so when i retired we decided to start again here.
    We purchased a basement flat in a 100+ year old villa for AUS$65,000 which although not big is fine for us. I can walk out my door and be in Varosliget which is a very big city park in 5 mins. If i stroll through the park for about 15 mins i can be standing in Heroes square and looking down Andrassy Ut which is Budapest’s answer to Oxford street.
    If i walk the other way to the main road and get a bus i can be in the city centre in 10 - 15 mins maximum. Bus service is excellent and free for pensioners. Cost of living is relatively cheap and food and alcohol is much cheaper than England hence so many tourists come here for extended weekends.
    Budapest has taken over from Prague as the number 1 destination in Europe.
    Many big movies are filmed here because of the stunning buildings and river views. I know Tom Hanks commented that he thought it one of the safest places he’d been.
    Viking cruises is a big operator here with their vessels cruising the Danube and thousands of tourists visit all year round.
    My wife and i live a quiet life and she still works and runs a vintage shop in the city. ! stay home and potter and walk my dog in the park.
    Life is pretty good.
    Quote Originally Posted by Rodney Mills View Post
    Trevor:

    Off subject of your post so hope you and the moderator will give me a shore pass:

    I see you are posting from Budapest and assume you live there. If it's not an imposition, could you tell us what life is like living in Budapest? And perhaps what made you live there? and anything you might think would be of interest to an outsider?

    Cheers, Rodney from South Carolina, USA.

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    Default Re: Bank scandal

    Great response Trevor, thank you very much, very informative.

    I've been to Prague, I spent a month slow traveling around the Czech Republic, same in Austria, Germany and a bit of Russia and all corners of Poland. I love Europe and the way of life. Seems I missed a lovely spot.

    Here in South Carolina it's laid back, the people are friendly and I still can't get over how the young kids and young adults address me as sir and my wife as m'am, and the weather is second to none.

    It sounds like you have cornered a little bit of paradise.

    Good luck mate and thanks.

    Cheers, Rodney

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