Insights

Westpac (ASX:WBC) share price lower on APRA update

The Westpac Banking Corp (ASX:WBC) share price is on the move on Wednesday following the release of an update on its dealings with APRA…
The post Westpac (ASX:WBC) share price lower on APRA update appeared first on The Motley Fool Australia. –

guy helping girl invest in shares and dividends

The Westpac Banking Corp (ASX: WBC) share price is edging lower following the release of an announcement.

At the time of writing, the bank’s shares are down 0.1% to $24.67.

What did Westpac announce?

This morning the banking giant confirmed that the Australian Prudential Regulation Authority (APRA) has approved its Integrated Plan that was developed in response to the Enforceable Undertaking. The latter followed an investigation by the financial crime watchdog AUSTRAC into alleged breaches of anti-money laundering and counter-terrorism financing laws.

Under the terms of the Enforceable Undertaking, which Westpac entered into on 3 December 2020, Westpac was required to submit for APRA approval a detailed integrated plan that outlines all major remediation activities related to risk governance.

In addition to this, the plan was required to have clear timelines and specify who is accountable for delivery. It also outlines commitments designed to strengthen all aspects of Westpac’s risk governance across both financial and non-financial risk.

What else?

Management notes that another requirement of the Enforceable Undertaking is that the integrated plan is independently assured.

In response to this, Westpac appointed Promontory Australasia to provide quarterly assurance and intends to release their reports bi-annually. The first report for the period up to 1 March 2021, has been released today. You can read about it here.

In the report, Promontory Australasia acknowledges the completeness of Westpac’s integrated plan, as it expands on its existing Customer Outcomes and Risk Excellence (CORE) Program. The consulting firm also notes that appropriate governance and accountability structures are in place to support effective implementation of the plan.

Westpac’s CEO, Peter King, said: “Our Integrated Plan outlines a comprehensive program of work to ensure the bank’s risk culture and risk governance meet the high standards expected of us. We have made progress on improving our management of risk over the past 12 months, however there is much more work to do to ensure sustainable change. The implementation of our Integrated Plan is a critical part of delivering on our Fix, Simplify, Perform strategic priorities and is one of my top focus areas.”

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Westpac (ASX:WBC) share price lower on APRA update appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!