The watchdog has told CBA it will not take action against the lender or its directors over a money laundering scandal from 2017.
Westpac understands only too well that capital is precious during the COVID-19 pandemic as it seeks to resolve its battle with AUSTRAC.
Westpac's anti-money laundering compliance woes have widened,with the bank saying it failed to make tens of thousands of reports to the financial intelligence agency.
Westpac chief executive Peter King says the bank will work to set clear risk boundaries for decision making and provide extra training for staff.
Westpac has hired management consultant Michael Rowland as its next chief financial officer,highlighting his experience in restructuring companies and boosting productivity.
Financial crimes watchdog AUSTRAC has been given two months to make any new legal claims against Westpac in its blockbuster anti-money laundering case against Westpac.
AUSTRAC is now threatening to use the nuclear weapon in its arsenal - the potential use of child exploitation.
Westpac has been notified by the financial crime watchdog that it may broaden its lawsuit against the lender over alleged breaches of anti-money laundering laws.
Financial intelligence regulator AUSTRAC and Westpac are still locked in disagreement over a key issue in the massive anti-money laundering lawsuit against the bank.
Westpac chairman John McFarlane vows the bank will lift its game on risk management,after the bank released the findings of two major investigations.
Westpac has admitted it failed to adequately monitor a dozen customers who allegedly made suspicious transactions fitting the pattern of payments for child exploitation.