Nov 20 (Reuters) - Westpac Banking Corp WBC.AX :
* WESTPAC BANKING CORP - RESPONDS TO AUSTRAC'S STATEMENT OF
CLAIM
* WESTPAC BANKING CORP - "THESE ISSUES SHOULD NEVER HAVE
OCCURRED
AND SHOULD HAVE BEEN IDENTIFIED AND RECTIFIED SOONER"
* WESTPAC BANKING CORP - IMPLEMENTED A RANGE OF ADDITIONAL
STEPS
IN PROCESSES INCLUDING ENHANCED AUTOMATIC DETECTION SYSTEMS
* WESTPAC BANKING CORP - WILL SHORTLY BE REPORTING A SMALL
NUMBER
OF REMAINING IFTIS RELATED TO OUR LITEPAY PRODUCT
* WESTPAC BANKING CORP - "IT IS DISAPPOINTING THAT WE HAVE
NOT
MET OUR OWN STANDARDS AS WELL AS REGULATORY EXPECTATIONS AND
REQUIREMENTS"
* WESTPAC - "CONTINUE TO PROACTIVELY ENGAGE WITH AUSTRAC TO
CLOSE
ANY REMAINING GAPS TO MEET THEIR REQUIREMENTS AS WELL AS OUR OWN
EXPECTATIONS"
* WESTPAC BANKING CORP - IN RELATION TO IFTIS, WE HAVE
CLOSED ACM
PRODUCT AND REPORTED ALL RELEVANT TRANSACTIONS TO AUSTRAC
* WESTPAC BANKING- TAKING VERY SERIOUSLY AUSTRAC'S CONCERNS
AROUND
APPROPRIATE CUSTOMER DUE DILIGENCE ON TRANSACTIONS TO
PHILIPPINES & SOUTH EAST ASIA
* WBC-MOST PAYMENTS WHERE REPORTS WEREN'T GENERATED WERE
RECURRING, LOW VALUE PAYMENTS MADE BY FOREIGN GOVERNMENT PENSION
FUNDS TO PEOPLE IN AUSTRALIA
Source text for Eikon: ID:nASX6QKLsj
Further company coverage: WBC.AX