Westpac agrees to Au$1.3bn fine by AUSTRAC for due diligence, reporting, monitoring failures

Westpac Banking Corporation, Australia’s second largest bankby assets, has agreed to pay a Au$1.3 billion fine to AUSTRAC [1] afteradmitting to over 23 million breaches of the Anti-Money Laundering andCounter-Terrorism Financing Act 2006. [2] If the Federal Court of Australiaapproves the proposed settlement it will be the biggest civil penalty in thecountry’s history.