ASIC: Australian bank Westpac received fines for collecting money from deceased people Among other things, a credit institution levied money from the dead, the Australian Securities and Investments Commission (ASIC) reported.
It turned out that one of the largest Australian banks over ten years committed numerous violations in its work and service clients. The ASIC investigation showed that the credit institution received more than seven million dollars (about 525 million rubles) as a payment for consultations for clients who later turned out to be dead (about 11 thousand people).
In addition to making a profit from the dead clients, Westpac illegally issued multiple insurance policies for the same property, charging additional fees from clients, selling borrowers' debts at inflated interest rates, and incorrectly disclosing information about paid services to clients.
ASIC noted that the credit institution admitted violations of the law in each of the legal proceedings initiated against it, and agreed to pay compensation to clients in the amount of about $ 80 million (about six billion rubles). “Such problems should not have arisen. Our systems had to be better. We are rectifying the situation and sincerely apologize to all our clients, “Westpac CEO Peter King said in turn.
In September 2020, the bank was already fined a record $ 930 million for violating Australian money laundering laws money, and then-Westpac CEO Brian Hartzer stepped down.