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Westpac has clear weaknesses: PM Morrison

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Prime Minister Scott Morrison speaks during the Business Council of Australia's 2019 annual dinner at the Fullerton Hotel in Sydney, Wednesday, November 20, 2019. (AAP Image/Steven Saphore)

The prime minister has ramped up pressure on the Westpac board after the bank was ensnared in a major money laundering and child exploitation scandal.

Scott Morrison has demanded embattled Westpac executives take decisive action to address "clear weaknesses" at a board meeting on Friday.

"They have got to take the calls that I think reassure people's confidence in the bank's systems and the processes they have, and that there is accountability that is at work in these institutions," he told 3AW radio.

Australia's financial crime watchdog has lodged a statement of claim in the Federal Court accusing Westpac of 23 million breaches of money laundering laws.

AUSTRAC claims there are 12 instances the bank could have intervened to stop child exploitation in Southeast Asia, but did not have the systems in place.

The board is meeting on Friday morning as pressure builds for heads to roll.

"I would like to see at this board meeting and the many board meetings that will follow a confident plan to address firstly the clear weaknesses they've had in their systems that have allowed this to take place," Mr Morrison said.

"And secondly, there has to be some understanding of the accountability for when these things happen."

© AAP 2019