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AUSTRAC chief sights big new target – The Australian Financial Review

Nicole Rose said she’s preparing enforcement action against a major non-banking institution this financial year.



Mr Porter described the April provision of $900 million that Westpac thought would be enough to settle the case as “totally inadequate”.
But the $1.3 billion fine now imposed almost double the $700 million paid by CBA to settle its AUSTRAC case in 2018 reflected Westpac’s “acceptance of the fact that these represent some of the greatest failings of a corporate entity in Australia’s history to abide by Australian law”, he said.
Ms Rose denounced Westpac’s 23 million breaches of the laws, which …

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