Westpac Bank CEO Hartzer steps down

Westpac Bank Chief Executive Officer Brian Hartzer announced his resignation on Tuesday following an unprecedented week of scrutiny for Australia's second largest financial institution. The embattled business leader has been facing heavy pressure to stand down in recent days after the country's financial watchdog filed civil legal proceedings in federal court last Wednesday, accusing the bank of breaching anti-money laundering and counter-terrorism finance (AML/CTF) laws 23 million times. Australian Transaction Reports and Analysis Center (AUSTRAC) Chief Executive Officer Nicole Rose said the decision to lodge the suit against Westpac Bank was made after a detailed investigation revealed "serious and systemic non-compliance" breaches.