Nov 25 (Reuters) - Westpac Banking Corp WBC.AX :
* WESTPAC ANNOUNCES RESPONSE PLAN
* WESTPAC'S CHAIRMAN LINDSAY MAXSTED PROVIDED UPDATE ON WESTPAC'S RESPONSE TO ISSUES RAISED BY AUSTRAC IN ITS STATEMENT OF CLAIM
* "ACCEPT THAT WE HAVE FALLEN SHORT OF BOTH OUR OWN AND REGULATORS' STANDARDS"
* IMMEDIATE FIXES, INCLUDING CLOSING LITEPAY
* BOARD HAS DETERMINED THAT EITHER ALL OR PART OF GRANT OF 2019 SHORT TERM VARIABLE REWARD WILL BE WITHHELD FOR FULL EXECUTIVE TEAM
* "WE RECOGNISE SERIOUSNESS OF THESE EVENTS AND THAT IS WHY WE WILL APPOINT AN EXTERNAL EXPERT TO PROVIDE INDEPENDENT OVERSIGHT OF PROCESS"
* COMMITTED TO IMPLEMENTING ITS INITIAL RESPONSE PLAN AS MATTER OF URGENCY & WILL CONTINUE TO WORK CONSTRUCTIVELY WITH AUSTRAC
* "WE ARE CURRENTLY WORKING THROUGH OUR RESPONSE TO STATEMENT OF CLAIM AND ARE COMMENCING INDEPENDENT REVIEW"
* CO WILL ESTABLISH A DEDICATED BOARD FINANCIAL CRIME SUB-COMMITTEE, CHAIRED BY A NONEXECUTIVE DIRECTOR
* BOARD FINANCIAL CRIME SUB-COMMITTEE TO COMMISSION EXTERNAL EXPERT TO INDEPENDENTLY REVIEW CO'S PROGRAM INCLUDING REVIEW OF ACCOUNTABILITY