Legal Case Study Based Assessment

Assessment Questions 

Read the Westpac: Washing Money in the Pacific case study and answer the following questions: 

1. What areas of law are pertinent to this case study? Describe what the identified areas of law cover, and explain how they are relevant to the issues  raised in the case study. 
2. What is the business structure of the Westpac Banking Group? What does this structure say of the duties that the bank’s directors owe to its  stakeholders, and how have the directors breached those duties by allowing the conduct that is detailed in the case study. 
3. Describe the regulatory responsibility of AUSTRAC in the context of this case. In the findings of the 2018 Royal Commission into the Banking sector,  what were some of the criticisms leveled by Commissioner Hayne against the other regulators (APRA and ASIC) who also had a regulatory role in  preventing the type of conduct that had occurred in the case study?  
4. What business risks were ignored by the Westpac executives, and what good governance and compliance practices could have been implemented to  alleviate these risks?