Financial Crime Financial Crime

Westpac A$1.3 billion money-laundering penalty approved by Australian court

By Laurel Henning and Ben Lucas
  • 21 Oct 2020 00:14
  • 01 Sep 2021 21:22
Westpac Banking Corporation will pay A$1.3 billion to settle a money-laundering case, after an Australian federal court judge approved a settlement today.

Westpac and Australia’s anti-money laundering regulator, known as Austrac, announced that they had reached the settlement — the highest corporate penalty in Australian history — on Sept 24 (see here).

Austrac brought

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