The Australian Securities and Investments Commission (ASIC) has launched six civil penalty proceedings against Westpac bank for multiple alleged compliance failures, including charging over 11,000 deceased customers for services. The allegations came after several independent ASIC investigations during 2021 and were against Westpac’s banking, superannuation, and other businesses. Westpac admitted to all allegations and agreed to pay $113 million (US$80.4 million) in penalties, including $80 million (US$57 million) in remediation to customers. These penalties were jointly agreed upon by Westpac and ASIC and are subject to court approval. ASIC Deputy Chair Sarah Court said it was unprecedented for ASIC to file multiple court proceedings against the same respondent simultaneously, but these were “exceptional circumstances.” “ASIC is disappointed to have to yet again commence legal proceedings, on this occasion no fewer than six times, against a major bank,” ASIC Deputy Chair Sarah Court. “The conduct and breaches alleged in these proceedings …