APRA reduces Westpac's $1bn capital penalty by $500m for risk management and governance improvements.

The Australian Prudential Regulation Authority (APRA) reduces Westpac Banking Corp.'s $1bn capital penalty by $500m due to progress in risk management and governance improvements. Westpac had faced regulatory violations in 2019, leading to a record fine for breaching Australia's anti-money laundering laws. The remaining $500m capital add-on will be removed upon further validation work.