The Westpac Banking Corp (ASX: WBC) share price has just ended the week with another day in the red.
The banking giant's shares fell 1.5% on the day to finish it at $24.77. This brought the bank's three-day share price decline to almost 7%.
The catalyst for this decline has of course been the shocking news that Westpac is alleged to have breached the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act on a staggering 23 million occasions.
Westpac apologises.
In response to the backlash from investors, the media, and the public, this afternoon the Westpac board held an emergency meeting and issued an apology.
Westpac's under fire chairman, Lindsay Maxsted, said: "As a Board, and as individuals, we are devastated by the issues raised by AUSTRAC in its recent statement of claim. The notion that any child has been hurt as a result of any failings by Westpac is deeply distressing and we are truly sorry. The Board unreservedly apologises."
Mr Maxsted stressed that the bank is now working hard to "urgently close any remaining gaps and fix our policies and procedures so that this can never happen again."
Westpac is also establishing a multi layered review, which includes accelerating its ongoing program of AML/CTF improvements. It intends to bring in independent experts to oversee the program and will take actions emerging from the review.
The chairman concluded: "We have also commenced discussions with relevant community groups about any further steps we can take to fight child exploitation. We are continuing to work closely with AUSTRAC to accelerate resolution of the matter. The Board will provide an update in coming days to share more information on what has occurred and what steps we are taking."
