Business
Westpac closing in on $1b AUSTRAC settlement – Sydney Morning Herald
Senior figures at the bank held a conference call on Wednesday to discuss a penalty that could exceed $1 billion and surpass CBA’s fine in 2018.
Banking giant Westpac is preparing to pay penalties in excess of $1 billion for its breaches of anti-money laundering laws and for failing to stop child exploitation payments in what is expected to be the largest fine in Australian corporate history.
Directors at the nation’s second largest bank held a conference call on Wednesday to discuss a settlement with the financial crimes regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC), after negotiations intensified in recen…
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