“The 2020 financial year was clearly disappointing, with reported profit down 66 per cent,” Mr King said in his opening address. AUSTRAC’s investigations uncovered Westpac had allowed account holders to transfer money overseas to fund human trafficking and child exploitation in Southeast Asia. Westpac admitted to the governance failings and committed to a risk overhaul in relations to its management of financial crime. “We have improved non-financial risk management but still have more to do to ensure issues of this kind do not happen again,” Mr McFarlane said. “As part of the agreement we will deliver an integrated remediation plan with independent oversight and we will report quarterly on our progress,” Mr King said.