Business
Westpac’s record $1.3 billion AUSTRAC money laundering fine explained – ABC News
Westpac has agreed to pay the largest fine in Australian corporate history — a $1.3 billion settlement — but what exactly did it do wrong and how does the penalty stack up?
Westpac has agreed to pay the largest fine in Australian corporate history a $1.3 billion civil penalty for more than 23 million breaches of anti-money laundering laws.
But what exactly did it do wrong and how does the penalty stack up?
What are the laws Westpac broke?
To help police and security agencies stop international crime and terrorism the Federal Government passed the Anti-Money Laundering and Counter-Terrorism Financing Act (2006).
This law places many requirements on financial ins…
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