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Westpac settles AUSTRAC money laundering case with $1.3 billion fine – ABC News

Westpac reaches a deal with AUSTRAC to settle more than 23 million alleged breaches of anti-money laundering laws by paying a record $1.3 billion penalty.

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Westpac has reached a deal with AUSTRAC to settle more than 23 million alleged breaches of anti-money laundering laws by paying a record $1.3 billion penalty.
Key points:

  • AUSTRAC says Westpac breached anti-money laundering rules more than 23 million times, involving transactions of more than $11 billion
  • The $1.3 billion penalty is almost twice the previous largest fine of $700 million against CBA in 2018
  • Westpac says it has now closed down the relevant products and enha…

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