Australian Bank Fined $113 Million, Admits to Charging 11,000 Deceased Customers

A pedestrian looks at his phone as he walks past a logo for Australia's Westpac Banking Corp located outside a branch in central Sydney, Australia, on Nov. 5, 2018. David Gray/Reuters/File Photo

The Australian Securities and Investments Commission (ASIC) has launched six civil penalty proceedings against Westpac bank for multiple alleged compliance failures, including charging over 11,000 deceased customers for services.

The allegations came after several independent ASIC investigations during 2021 and were against Westpac’s banking, superannuation, and other businesses.