Australian Banking Scandal
Westpac Bank Australia Money Laundering Scandal
Westpac bank has negotiated to pay a record 1.3 billion dollar fine for breaching money laundering laws. Westpac failed to adequately report over 19 million international transactions. Some payments were potentially linked to child exploitation.
If the negotiated fine for money laundering rule breaches is approved by a court in Australia it will be the largest civil penalty in Australian corporate history.
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