AUSTRALIA: WESTPAC PAYS RECORD A$1.3 BILLION FINE TO SETTLE LAUNDERING SUIT

BNN Bloomberg on 23 September reported that Westpac Banking Corporation will pay a record A$1.3 billion ($920 million) fine to settle Australia’s biggest breach of AML laws.  The fine, the largest levied against an Australian company, is more than the A$900 million Westpac had set aside for a potential penalty, and tops the A$700 million rival Commonwealth Bank of Australia paid to settle its breaches in 2018.

https://www.bnnbloomberg.ca/westpac-pays-record-a-1-3-billion-fine-to-settle-laundering-suit-1.1498521

https://www.smh.com.au/national/westpac-to-pay-1-3-billion-for-breaches-of-money-laundering-20200924-p55yof.html

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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