Australian bank Westpac agrees to £720m fine for money laundering
Australia’s second-largest bank has agreed to pay a 1.3 billion Australian dollar (£720 million) fine for breaches of anti-money laundering and counter-terrorism financing laws, the country’s biggest ever civil penalty, a financial crime regulator has said.
The regulator, Austrac, said it had agreed the penalty with Westpac after the bank admitted failing to report 19.5 million international money transfers between November 2013 and September 2018.
