Former Telstra chief executive Ziggy Switkowski and Energy Security Board chairwoman Kerry Schott have been named as two of three independent members of Westpac’s panel investigating the money-laundering scandal that has engulfed the bank.
The panel will work with consultants at Promontory to determine which senior managers and/or executives within the bank should be held accountable for the alleged 23 million breaches of anti-money laundering laws, some of which facilitated child abuse in the Philippines.
The findings of the review will be published and include recommendations for the bank to improve its financial crimes and risk governance.
Dr Switkowski is chancellor of RMIT University, chairman of NBN Co and director of Tabcorp. He was Telstra chief executive from 1999 to 2004. He was made an Officer of the Order of Australia for his work in tertiary education and contributions to scientific organisations, the telecommunications sector as well as to business and the arts.
Dr Schott is the chair of the Energy Security Board and director of NBN Co. She was managing director and chief executive of Sydney Water from 2006 to 2011.
Dr Schott holds a doctorate from Oxford University and was awarded an Order of Australia in 2015 for her service to government and business.
In a statement, Westpac chairman Lindsay Maxsted said the bank was pleased with the appointments to the panel.
“We are determined to deal with shortcomings in our financial crime processes in a comprehensive and durable manner,” Mr Maxsted said.
The panel will contribute to recommendations designed to improve the board’s risk governance processes and the board’s operation within those processes.
“They will be important inputs to our work to raise standards and fix any gaps in Westpac’s financial crime-related processes,” Mr Maxsted said.
The recommendations of the panel’s review will be made public. The third panel member will be announced at a later date.
Source: Thanks smh.com