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Australia's second largest bank was accused by regulators of failing to report more than 23m transactions alleged to have breached anti money-laundering laws, and some allegedly linked to child sex exploitation.

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Over a 10-year period, Westpac and related entities within the Westpac group, charged over $10.9 million in advice fees to over 11,800 deceased customers for financial advice services that were not provided due to their death.

Westpac Banking Corporation holds an Australian Financial Services Licence (AFSL) AFSL No 233714.

The original decision in December 2018 found in favour of Westpac on the question of whether personal or general advice was given. ASIC then appealed to the Full Federal Court and won the appeal, in a decision handed down in October 2019.

The ASIC v Westpac Securities[1] judgment significantly impacts how financial firms can engage with consumers. It broadens what can be done under a general advice authorisation but also sets ethical rules of engagement.

Fees for no service – deceased customers: ASIC alleges that over a 10-year period, Westpac and related entities within the Westpac group, charged over $10 million in advice fees to over 11,000 deceased customers for financial advice services that were not provided due to their death.

Westpac estimates approximately $87m will be paid in compensation to affected customers who are former clients of Westpac's advice businesses and held ASX-listed securities through platforms.