Australia's Westpac hit with record A$1.3bn fine over money laundering scandal

Pedro Gonçalves
clock • 2 min read

Westpac, one of Australia's largest banks, has agreed to pay a record-breaking penalty of A$1.3bn (£0.7bn) 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. If the billion-dollar fine is approved by a court, it will be the largest civil penalty in Australian corpora...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now


Already a International Investment member?