June 17, 2020 / 6:51 AM / 21 days ago

BRIEF-Australia's APRA Updates On Westpac Investigation

June 17 (Reuters) - APRA:

* AUSTRALIA’S APRA UPDATES ON WESTPAC INVESTIGATION

* APRA - ASIC IS INVESTIGATING CERTAIN CONDUCT IN CONNECTION WITH MATTERS ALLEGED BY AUSTRAC IN PROCEEDING AGAINST WESTPAC

* APRA - DELEGATED CERTAIN ENFORCEMENT POWERS TO ASIC ON AGENCIES’ INVESTIGATIONS INTO MATTERS OF AUSTRAC’S PROCEEDING AGAINST WESTPAC

* APRA - ADDITIONAL $500 MILLION CAPITAL REQUIREMENT THAT APRA IMPOSED ON WESTPAC IN DEC 2019 REMAINS IN PLACE

* APRA - NO DECISION YET BEEN TAKEN BY ASIC AS TO WHETHER OR NOT ANY ENFORCEMENT ACTION IN THIS MATTER MAY BE APPROPRIATE

* APRA SAYS IT & ASIC DETERMINED THAT ON WESTPAC CONDUCT ASIC IS INVESTIGATING, THERE IS POTENTIAL FOR SIGNIFICANT OVERLAP OF FACTUAL BACKGROUND

* APRA & ASIC, ON ASIC'S INVESTIGATION ON WESTPAC CONDUCT, SAW THERE IS POTENTIAL OVERLAP OF LEGAL CONTRAVENTIONS UNDER CORPNS ACT2001 & BANKING ACT Source text bit.ly/2zEy3tz Further company coverage:

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