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Westpac Group is committed to ensuring the quality and accuracy of the information they hold for all accredited third-party service providers.
Hence, they are under strict obligations to adhere to both their regulatory requirements and their ongoing commitment to managing financial crime risks.
Last year Westpac introduced new accreditation application forms to collect the mandatory information required by Westpac’s Financial Crime Standard. They are now required to update various details and collect some additional information about their existing third-party service providers.
This process will require Westpac to contact all current accredited referrers and brokers working under your agreement with the bank. It will take a significant amount of time to contact and update the details for all accredited third-party service providers, so they will begin by contacting referrers in the first instance and move onto brokers in the coming months. This will be ongoing until November 2022.
In the near future, Westpac will start emailing you, asking you to complete a new information form, similar to the existing accreditation application forms. If you have any questions about this process, please email WestpacGroupBusinessAccreditationsUpdate@westpac.com.au.
Alternatively, please reach out to your BDM for any questions.