Business
Australian banks get silver medal for fines – The Australian Financial Review
Aussie banks punched above their weight in 2020, trailing only the US mega-banks in the total value of fines they racked up across the year.
Coming in just under the big whacks paid by US mega-banks is Westpac, for its $1.3 billion settlement with financial intelligence regulator AUSTRAC for failing to report over 19.5 million international funds transfers and turning a blind eye to transactions that may have involved child exploitation.
Among the other eye-watering fines paid by banks around the world in 2020 were Israels largest bank Bank Hapoalim, which agreed to pay $1.2 billion for hiding customer funds from the IRS in secret accounts…
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