Westpac to Pay Australia’s Largest Fine for Breaching Laws That Stop Terrorism, Child Exploitation

Westpac to Pay Australia’s Largest Fine for Breaching Laws That Stop Terrorism, Child Exploitation
Westpac Bank signage is shown on a building in central Sydney on May 3, 2013. AFP/Getty Images
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Westpac has agreed to pay $1.3 billion, the largest fine in Australian corporate history, to settle a case brought against it for breaching international money transfer laws which could have funded terrorism or child exploitation.

The fine eclipses the record $700 million penalty against fellow major bank Commonwealth in 2018 for similar breaches.

Daniel Y. Teng
Daniel Y. Teng
Writer
Daniel Y. Teng is based in Brisbane, Australia. He focuses on national affairs, including federal politics and Australia-China relations. Got a tip? Contact him at [email protected].
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