Westpac Shareholder Class Action registration is now closed
Phi Finney McDonald acts for the applicant Edmund Yong, representing investors who acquired Westpac shares, American Depositary Receipts (ADRs) or engaged in equity swaps from 30 June 2014 until 19 November 2019 (inclusive). They incurred substantial losses when it was revealed in November 2019 that Westpac had breached anti-money laundering and counter-terrorism financing (AML/CTF) laws.
Eligibility
The deadline to opt out or register for the Westpac Shareholder Class Action was 4.00pm (AEDT) on Friday, 24 October 2025. This time has now passed.
If you did not register by this deadline, you remain a group member in the class action but unless there is a further court order you will not be entitled to be part of any settlement. The court has not, at this stage, made any orders for a further registration and opt out process.
If you would like us to contact you in the event that a further registration process occurs, or if the court permits group members to register after the deadline above, please email us at westpac@pfm.law
Background
In 2019, Westpac shares declined 7% following allegations the bank had breached AML/CTF laws, resulting in a record $1.3 billion civil penalty the following year.
AUSTRAC launched proceedings against the bank for a variety of contraventions of AML/CTF laws. The largest breach concerned 19.5 million IFTIs (instructions for transferring money overseas or bringing foreign money onshore) that were not reported within the prescribed timeframe.
The bank also failed to maintain records about the source of funds in some cases, adequately check customers who regularly made overseas payments and properly monitor customers for certain patterns consistent with child exploitation activities.
The allegations relate to a breach of Westpac’s continuous disclosure obligations (and allegations that Westpac engaged in misleading and deceptive conduct) by failing to properly inform prospective investors about material risks that impacted their shareholding.
Allegations
The class action alleges that Westpac breached its continuous disclosure obligations by not advising the market it:
• had failed to report millions of international funds transfer instructions (IFTIs) to the Australian Transaction Reports and Analysis Centre (AUSTRAC);
• had failed to properly monitor its customers for known indicators of child exploitation; and
• was in serious and systemic non-compliance with AML/CTF laws.
Class action information and registration
Eligible group members who missed the class action deadline may request further information by emailing westpac@pfm.law
If you have any questions regarding the matter and the registration process, please read the Frequently Asked Questions.