Westpac to pay A$1.3 billion for 23 million AML breaches

Thu, 24 Sep 2020

Westpac Group has reached a deal with the Australian Transaction Reports and Analysis Centre, or AUSTRAC, to settle 23 million alleged breaches of anti-money laundering laws by paying a A$1.3 billion penalty.The deal on Anti-Money Laundering and Countering Financing of Terrorism civil proceedings that kicked off in November last year is subject to Federal Court approval.The bank also said it has “admitted to additional contraventions” in a statement published on the NZX.“I would like to apologise sincerely for the bank’s...

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