Westpac bank to pay record Australian fine over laundering breaches

Sun Online Desk

24th September, 2020 08:58:13 printer

Westpac bank to pay record Australian fine over laundering breaches

Australia's Westpac bank has negotiated to pay a record A$1.3bn (£0.7bn; $0.9bn) fine for the nation's biggest breach of money laundering laws.

Last year, Australia's financial crime watchdog said the bank had failed to adequately report over 19 million international transactions.

Some payments were potentially linked to child exploitation, officials said, BBC reported.

The nation's second-biggest lender has apologised for its "failings".

Westpac is the second top Australian bank to pay huge fines for breaching anti-money laundering and counter-terrorism financing laws.

If the billion-dollar fine is approved by a court, it will be the largest civil penalty in Australian corporate history.

However, the fine could have been larger. Austrac said the transactions had amounted to 23 million law breaches, with each carrying a maximum penalty of A$21m.


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