Hong Kong (CNN Business) Two top executives at Westpac (WBK), one of Australia's biggest banks, are out after the company was hit with extensive claims that it had systematically allowed money laundering on its watch.

The company announced Tuesday that CEO Brian Hartzer will step down in the wake of allegations that the bank had violated money laundering and terrorism financing regulations tens of millions of times. Lindsay Maxsted, who serves as chairman of the board, will also move up his retirement to the first half of next year.

Hartzer, who has been on the job since 2015, will be replaced by Chief Financial Officer Peter King while the bank looks for a permanent successor.

The company came under fire last week when AUSTRAC, an Australian regulator that fights financial crime, said that Westpac failed to report more than 19.5 million instructions for transfers in and out of Australia. The regulatory watchdog also said Westpac neglected to do its due diligence on transactions to the Philippines and other parts of Southeast Asia "that have known financial indicators relating to potential child exploitation."

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