BRIEF-Westpac Banking Responds To AUSTRAC's Statement Of Claim

Nov 20 (Reuters) - Westpac Banking Corp:

* WESTPAC BANKING CORP - RESPONDS TO AUSTRAC'S STATEMENT OF CLAIM

* WESTPAC BANKING CORP - "THESE ISSUES SHOULD NEVER HAVE OCCURRED AND SHOULD HAVE BEEN IDENTIFIED AND RECTIFIED SOONER"

* WESTPAC BANKING CORP - IMPLEMENTED A RANGE OF ADDITIONAL STEPS IN PROCESSES INCLUDING ENHANCED AUTOMATIC DETECTION SYSTEMS

* WESTPAC BANKING CORP - WILL SHORTLY BE REPORTING A SMALL NUMBER OF REMAINING IFTIS RELATED TO OUR LITEPAY PRODUCT

* WESTPAC BANKING CORP - "IT IS DISAPPOINTING THAT WE HAVE NOT MET OUR OWN STANDARDS AS WELL AS REGULATORY EXPECTATIONS AND REQUIREMENTS"

* WESTPAC - "CONTINUE TO PROACTIVELY ENGAGE WITH AUSTRAC TO CLOSE ANY REMAINING GAPS TO MEET THEIR REQUIREMENTS AS WELL AS OUR OWN EXPECTATIONS"

* WESTPAC BANKING CORP - IN RELATION TO IFTIS, WE HAVE CLOSED ACM PRODUCT AND REPORTED ALL RELEVANT TRANSACTIONS TO AUSTRAC

* WESTPAC BANKING- TAKING VERY SERIOUSLY AUSTRAC'S CONCERNS AROUND APPROPRIATE CUSTOMER DUE DILIGENCE ON TRANSACTIONS TO PHILIPPINES & SOUTH EAST ASIA

* WBC-MOST PAYMENTS WHERE REPORTS WEREN'T GENERATED WERE RECURRING, LOW VALUE PAYMENTS MADE BY FOREIGN GOVERNMENT PENSION FUNDS TO PEOPLE IN AUSTRALIA Source text for Eikon: Further company coverage: