5.10.2020. Australia’s bank fined record high fine due money laundering scandal

Company News

Westpac, one of Australia’s largest banks, has agreed to pay a record-breaking penalty of A$1.3bn (£0.7bn – 772 mln. Eur) to settle the nation’s biggest breach of money laundering laws.
The penalty is a result of a court action last year from the financial intelligence agency AUSTRAC that accused Westpac of breaching its AML and counter terrorist financing (CTF) regulations more than 23 million times. Austrac also alleged that some of these breaches were linked to cases of child exploitation- using Westpac’s transfer system there were paid for child sex overseas.
The cases comes amid several investigations around the world into top banks for their alleged failures to prevent money laundering. HSBC, Danske Bank and Rabobank have all been involved in high-profile scandals.