Westpac pronounces record-breaking $1.3b wonderful

Westpac has announced it will pay a $1.3 billion fine, the largest in Australian corporate history.

Westpac has introduced it should pay a $1.three billion wonderful, the most important in Australian company historical past, for breaching anti-money laundering legal guidelines and for failing to cease youngster exploitation funds.

Westpac has introduced it should pay a $1.three billion wonderful, the most important in Australian company historical past.Credit:Wayne Taylor

Chief government Peter King apologised for the financial institution’s failings because the settlement with the monetary crimes regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC), was introduced.

“We are committed to fixing the issues to ensure that these mistakes do not happen again. This has been my number one priority. We have also closed down relevant products and reported all relevant historical transactions.”

The penalty surpasses Commonwealth Bank’s $700 million settlement, additionally with AUSTRAC, in 2018. CBA was fined for facilitating cash laundering linked to arms and medicines sellers via its ATMs. That wonderful dwarfed the earlier document, of $45 million paid by Tabcorp to settle its money-laundering case with AUSTRAC in 2017.

More to come back

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