westpac bank royal commission AUSTRAC
(Image: AAP/Kelly Barnes)

After five days of ungainly wriggling, on Tuesday morning it became clear that Westpac would be getting a clearout at the top level. CEO Brian Hartzer has quit, chair Lindsay Maxsted will be bringing forward his retirement, and long-time director Ewen Crouch will not be seeking reelection.

All of this is directly linked to recent money laundering and child abuse financing scandals uncovered by AUSTRAC .