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A code of ethics leads employees of ethical and honesty when doing business. A code of ethics recognized as an ethics code which include places of corporate ethics, a code of ethical behaviour and a code of conduct for employees (Todorović. 2018). The code of ethics of the organization is a series of institutional rules, which will follow to act lawfully and encourage integrity , transparency and ethical behaviour. Since banks are of varying sizes and are engaging in diverse forms of industry, a single-size code of ethics can not be illustrated. For individual customers and small businesses, as well as their guarantors, the Banking Regulation (the Code) establishes procedure and service standards in the Australian banking industry. The Code enters into force on 1 July 2019 (Owusu et al. 2019). The Code provides guarantees and safeguards not laid down by law. In this study, a code of ethics for Westpac Bank is developed, which has been the biggest violation of laws in the history of money laundering. Westpac Banking Corporation is an Australian bank and provider of financial services based in Westpac Place, Sydney.
The scandalous banking industry in Australia has been suspected of having broken the rules on money trafficking the largest in the history of the world by the regulators. Allegations of certain payments to Philippine children's pornographers sparked a rage that lost the President of the Bank his position and hastened the early exit of the Board (Winardi et al., 2017). A February official report made executives in the industry lambasted for their acceptance of a culture of glamor that led to a litany of misconduct. Nine months later, a parallel tone echoed at the court of the financial fraud authority, which found Westpac's abuses structural and the product of the senior managers' negligence and insufficient Board oversight. It is also important for Westpac to establish a code of ethics to work efficiently and kindly. Although nonethical bank practices result in social and economic harm, Westpac will aspire to be ethical and avoid needless tension in the market. The rights of both actors are at stake because they do not follow legal expectations.
The Code of Ethics of Westpac is a series of institutional rules to be lawfully implemented and to encourage transparency, responsibility and ethical behaviour. The study aims at establishing strong ethical principles that are necessary for preserving public trust in Westpac's capital markets and in the investment industry. The main objective of these Banking Ethics codes is to be applied in all types of business and banking relations with one another, or with one another's customers, shareholders and employees, as well as with other organizations, and to promote an ethical behaviour, which fosters confidence and leads to robust global capitals markets
Ethics may be characterized as a set of standards and steps that analyze, for moral purposes as right and wrong or good and evil, the principles, norms and rules that underlie person and social ties. Professional ethics governs the interactions with the individual involved and with community and determines corporate ethics and an institutional behavioural framework by implementing certain guidelines for addressing internal and external problems.
The conduct of the company's ethics is to maintain a place where mutual respect and harmonious, productive working relationships are promoted. Race and/or abuse in some manner is an mistake that damages the dignity of the working partnership (Lavermicocca et al. 2017). The Code of Ethics on Anti- Discrimination and/or Anti-Harassment is crucial, which is sexual, racist or religious in nature or is related to any person's race , colour , sex, age, religion , marital status, sexual orientation , gender identity or interpretation, ethnicity, physically or mentally disability, nationality status , pregnancy, genetic data, military or protected veteran status or any other condition. The regulation extends to all workers in the company and to any people who might have communication with every employee within that organisation.
The purpose of the Code of Ethics on Prejudice in the Workforce can involve the elimination of cases of coercion, coercion and unfair demotion and the preservation of corporate potential from discriminatory management behaviour (Hubbell. 2019). In addition, it may help the organization to build trust among employees in the organization. This should contribute to a positive move on the part of all staff towards a dynamic corporate community.
Examples of discrimination in the workforce involve the example of Starbucks Dyslexia. Starbucks worker Meseret Kumulchew was charged with fraud as her employer made the claim that she had falsified documents after she had incorrectly entered inaccurate information when recording the temperature of the refrigerator in the duty grid. As a consequence, she was assigned fewer duties, cut crucial sections of her supervisor's role, and advised that she had to retrain before she could go on with the duties that make up the work she enjoys. The court decided that Starbucks had not made appropriate changes to Meseret and had discriminated against her because of the consequences of her dyslexia. It was also found that she was victimized by her employer and that there appeared to be little or no knowledge or understanding of equality issues within the business community (Kelly et al. 2019).
The Westpac Bank Code of Ethics to Prevent Discrimination Related Problems should require recognition of swift resolution of the same, the implementation of appropriate measures to ensure
potential anti-discriminatory actions and conduct, and the provision of timely service to discrimination workers. Policies ought to be established on the basis of the Australian Anti-Discrimination Act.
Exploitation is the misuse of wealth or the unequal treatment of others to profit from actions or jobs. Exploitation is the misuse of wealth or the unequal treatment of others to profit from actions or jobs. Making usage resources to construct a metropolis is an example of the exploitation of these resources. The most popular method of abuse at work is when one is not paying or underpaid for his labour (Dixon. 2016). If one is paid very low compared to the experience , qualifications and work tasks they have to perform, this is exploitation.
The Westpac Code of Ethics includes that the bank must develop measures necessary to understand the behaviour and financial activities which are not characteristic of the customer or of the account and which are carried on to take advantage of the image and services of the bank for an unethical profit, the bank 's identity should be utilized as a way to encourage the political nature and openness of the dealings between the partners, and working partnerships with the customers can not be abuse by directors and other staff in a personal fashion (Congress. 2017). Tax violations, irregular transfers, financial intimidation are expected to be disclosed to legal authorities.
The Westpac Bank case contains an indication of exploitation of children. The bank was also charged with sexual neglect. The bank did not disclose transparently more than $11 billion transfers in and out of Australia because it was discovered that the money were used for child trafficking in which abuse has taken place.
Development of the Ethical Code to avoid exploitative behavior will make customers and the bank more transparent and will contribute to the building of a reliable relationship with customers and others.
Corruption is the request, offering, offering or accepting of bribe or any other unnecessary advantage or prospect of bribe, either directly or indirectly, which distorts the proper performance or the prospect of the recipient of the bribe, any obligation or behavior required of the recipient. That requires at least two groups-the group who misuses its rights or authority for a third party in exchange for an benefit, the party who provides or gives the benefit. It includes a deceptive conduct of at least one individual. Corruption is always coupled with unlawful acts such as influx trade, favouritism, inexact reporting, misappropriation of corporate assets, extort, abuse of office, and unlawful enrichment. The laws include complying with the rule of law and fighting corruption.
The purpose of this Anti-corruption Policy is to allow workers to learn and enforce the ethical rules laid down in the Group's Code of Ethics and Behaviour. It explains how the Group 's activities could pose risks of corruption.
The stench of corruption in the office contains the garbage of Lebanon. Lebanon has faced a litter epidemic since 2015 with streets and beaches filled with refuse, severe stench and pollution with sewage. The public safety danger arose when the largest waste management company in Beirut and Mount Lebanon, Sukleen, stopped waste processing. The firm, whose monopoly has existed since the 1990s, had to shut a waste dump that had been used for 12 years longer than expected. The organization had left the waste bags piled up because of lack of facilities to dispose of the waste elsewhere (Comerton-Forde et al. 2018).
In order to promote honest and ethical conduct including ethical management of real or seeming conflicts of interest, the Westpac Code of Ethics on Corruption promotes full, equitable, accurate , timely and comprehensible disclosure in reports and documents filed with, or forwarded to, the Securities and Exchange Board, the SEC, and other public communications, encourage compliance, promote the protection of corporate assets, including corporate opportunities and confidential information, fostering fair business practices, preventing misconduct and enforcing accountability. Compliance with applicable government laws , rules and regulations,
D. Dishonest and Fraudulent Behaviour
Fraud may be described as a calculated failure for one specific gain or the other. Fraudulent behaviour is a criminal crime that can contribute, like incarceration, to serious consequences (Cardona et al. 2019). There are numerous types of corporate fraudulent behaviour. Employees will be required to reveal proven or alleged wrongdoing in compliance with the highest levels of legal and ethical behaviour. Workers disclosing unethical or deceptive behaviour in good religion proven or alleged will be protected and shielded against reprisals.
Employees whose frivolities are considered to be liable to punitive measures under this framework. This policy statement is intended to provide the related parties with a structured contact process.
For example, a bank system called "the float," in which cash is twice temporarily counted, operates as a cheque kiting. The float has a legitimate purpose in the banking industry, but it is a form of fraud to exploit it deliberately if bank Y funds are insufficient to cover the amount withdrawn from bank X (Bizri et al., 2018).
The aim of this Policy is to strengthen the commitment to not tolerate fraud, dishonest workplace conduct, theft and severe wasting of resources or money, to communicate and incorporate the zero tolerance approach to fraud, misbehave, and theft of resources or money, details the obligations for the avoidance of bribery, deceptive actions, theft, and serious energy or money misuse to community (including clear roles for particular workers, superiors and managers), describes the repercussions of anyone engaging in these behaviour, and mandates that all Public Leaders, Volunteers and Employees disclose all incidents.
E. Whistleblower Protections
An order to shield federal employees who report 'Policy illegality, fraud and misconduct' from negative job effects the Whistleblower Defense Act of 1989 was enacted (Bhuyan et al. 2018). The act offers safeguards for informants who are entitled to obtain promotions, exemptions or replacements. Whistleblower Security measures would be created to avoid the negative risks linked to their jobs from being revealed by public workers who report fraud and misconduct and policy illegalities. This code of ethics would safeguard workers who could get a coupon, salary cuts or others.
An example is privately-owned whistleblower when an employee reports to a higher position like a manager or a third party, such as its lawyer or police, isolated from a particular chapter (Babri et al. 2018). Corporate organizations can conveniently conceal misdeeds through various divisions of the corporate sector.
The PID Act is the legislation underpinning the Public Interest Dissemination (PID) system of the Commonwealth Government that requires elected officers to disclose suspected misdemeanours. The PID Act supplies "whistleblowers" with immunity from reprisals.
The above codes include standards to help Westpac Bank direct staff in moral dilemmas. The implementation of a code of ethics is an important factor to protect the integrity of the profession and to develop fair and accountable practices. The penalties imposed in violation of the Code of Ethics should be discussed with workers. A code of ethics sets out ethical behaviour requirements. It involves a company or profession's principles and moral values (Allen et al. 2019). The code provides principles which direct employees in the face of moral difficulties. The adoption of a Code of Ethics is important to the dignity of the profession and to equal and responsible procedures. A code of ethics is applied through the creation of protocols to investigate allegations and enforce punishment on the violators of the law.
Allen, C.R. and Mair, D.N., 2019. Disclosure of Noncompliance with Laws and Regulations: What Whistleblower Protections Exist for CPAs?. The CPA Journal, 89(3), pp.30-35.
Babri, M., Davidson, B. and Helin, S., 2018. An updated inquiry into the study of corporate codes of ethics: 2005–2016. Journal of Business Ethics, pp.1-38.
Bhuyan, R., Valmadrid, L., Panlaqui, E.L., Pendon, N.L. and Juan, P., 2018. Responding to the structural violence of migrant domestic work: insights from participatory action research with migrant caregivers in Canada. Journal of family violence, 33(8), pp.613-627.
Bizri, R.M. and El Bizri, I., 2018. THE EFFECTIVENESS OF ETHICS-TRAINING PROGRAMS IN THE BANKING SECTOR. In International Conference on Advances in Business, Management and Law (ICABML) (Vol. 2, No. 1, pp. 10-15).
Cardona, R.J., Rezaee, Z., Rivera-Ortiz, W. and Vega-Vilca, J.C., 2019. Regulatory Enforcement of Accounting Ethics in Puerto Rico. Journal of Business Ethics, pp.1-14.
Comerton-Forde, C., Ip, E., Ribar, D., Ross, J., Salamanca, N. and Tsiaplias, S., 2018. Using survey and banking data to measure financial wellbeing. Commonwealth Bank of Australia and Melbourne Institute Financial Wellbeing Scales technical report, (1).
Congress, E.P., 2017. What social workers should know about ethics: Understanding and resolving practice dilemmas. Social work ethics, 1(1), pp.1909-35.
Dixon, O., 2016. Honesty without Fear-Whistleblower Anti-Retaliation Protections in Corporate Codes of Conduct. Melb. UL Rev., 40, p.168.
Hubbell, A.P., 2019. Organizational Deception: Lies at Work. In The Palgrave Handbook of Deceptive Communication (pp. 625-645). Cham, Palgrave Macmillan.
Kelly, W.E. and Henry, W.P., 2019, November. Anti-Corruption, Ethics, Sustainable Infrastructure, and the UN Sustainable Development Goals. In International Conference on Sustainable Infrastructure 2019: Leading Resilient Communities through the 21st Century (pp. 626-633). Reston, VA: American Society of Civil Engineers.
Lavermicocca, C. and Quilter, M., 2017. Tax risk management and the application of ethics by large Australian companies. Austl. Tax F., 32, p.741.
Owusu, E.K., Chan, A.P., DeGraft, O.M., Ameyaw, E.E. and Robert, O.K., 2019. Contemporary review of anti-corruption measures in construction project management. Project Management Journal, 50(1), pp.40-56.
Todorović, Z., 2018. Application of Ethics in the Accounting Profession with an Overview of the Banking Sector. Journal of Central Banking Theory and Practice, 7(3), pp.139-158.
Winardi, R.D. and Azalea, M., 2017. Why do accounting students at higher learning institutions conduct an academic dishonesty?. In SHS web of conferences (Vol. 34, p. 06008). EDP Sciences.
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