Financial Crime Financial Crime

Westpac's record money-laundering fine reflects 'seriousness' of failings, Australian regulator says

By James Panichi
  • 23 Sep 2020 19:58
  • 23 Sep 2020 23:55
Westpac Banking Corporation appears set to be hit by the biggest money-laundering fine in Australian history, with the lender reaching an agreement with the financial-crime regulator to pay a A$1.3 billion ($919 million) penalty for 23 million violations of Australian laws.
In a statement today (see here), the Australian Transaction

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James Panichi

Senior Editor, Asia Pacific

James, an Australian journalist with over 25 years’ experience in print and electronic media, helps to oversee MLex’s coverage of regulatory risk in Asia, with special attention to Australia and New Zealand. In 2016, James was appointed as MLex’s managing editor for continental Europe, overseeing the Brussels bureau’s coverage of EU regulatory affairs and managing a team of 16 journalists in Brussels and Geneva. Previously James worked for the European Voice newspaper, before joining the European operation of US political website Politico as an investigative reporter specializing in governance, transparency and lobbying.

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