Westpac to pay largest fine in Australian corporate history

One of Australia's four big banks, Westpac, is preparing to pay a penalty in excess of $1 billion for breaching anti-money laundering laws and for failing to stop child exploitation payments.

Directors of the bank met with AUSTRAC on Wednesday to discuss a settlement agreement regarding the penalty.

Banking industry sources said the fine could reach $1.5 billion and is expected to be the largest in Australian corporate history, surpassing the Commonwealth Banks 2018 penalty of $700 million.

Видео Westpac to pay largest fine in Australian corporate history канала Sky News Australia