BREAKING: Westpac has announced it will pay a $1.3 billion fine, the largest in Australian corporate history, for breaching anti-money laundering laws and for failing to stop child exploitation payments.
Westpac stands accused of breaching anti-money laundering laws 23 million times by failing to properly vet thousands of international transactions, including customers who paid for child exploitation and live child sex shows in the Philippines and other parts of South East Asia.
"We are committed to fixing the issues to ensure that these mistakes do not happen again. This has been my number one priority.": Westpac CEO Peter King .The bombshell statement of claim was filed by AUSTRAC in the Federal Court last November and threw the lender into turmoil. Mounting investor calls for accountability triggeredAUSTRAC had flagged it might amend its statement of claim after thewho made suspicious payments.
As part of the agreement, Westpac admitted to the additional contraventions which will be set out an in agreed statement of facts. Mr King had made it public he intended to settle and told investors on Thursday morning the penalty agreement was an "important step in the court process".Start the day with major stories, exclusive coverage and expert opinion from our leading business journalists delivered to your inbox. Sign up for
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