Westpac agrees to pay $1.3 billion over alleged breaches of anti-money laundering laws
Westpac has agreed to pay penalties of $1.3 billion to settle alleged breaches of anti-money laundering laws and for failing to stop child exploitation payments.
The agreement was reached with financial crimes regulator the Australian Transaction Reports and Analysis Centre (AUSTRAC).
It is the largest fine in Australian corporate history.
Westpac will pay a fine of $1.3 billion to AUSTRAC. Will Willitts
The payment follows the launching of a civil claim lodged in the Federal Court last November.
AUSTRAC alleged Westpac breached anti-money laundering laws 23 million times by failing to properly check thousands of international transactions.
That included customers who paid for child exploitation and live child sex shows in the Philippines and other parts of South East Asia.
Westpac CEO Peter King apologised "sincerely for the bank's failings".
"We are committed to fixing the issues to ensure that these mistakes do not happen again.
"This has been my number one priority.
"We have also closed down relevant products and reported all relevant historical transactions."
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