SYDNEY—Australia’s banking regulator will use its increased investigative powers for the first time to examine whether Westpac Banking Corp directors and executives broke the law as part of the bank’s money-laundering scandal.
Westpac will be required to hold an extra AUD$500 million (USD$339 million) in capital after the Australian Prudential Regulatory Authority (APRA) announced an investigation into the bank’s alleged money laundering breaches.
