US Class Actions Pile up Against Australia’s Westpac Amid Money-Laundering Scandal

A pedestrian looks at his phone as he walks past a logo for Australia's Westpac Banking Corp located outside a branch in central Sydney, Australia, on Nov. 5, 2018. David Gray/Reuters/File Photo

Australia’s No.2 lender, Westpac Banking Corp, was hit with another U.S. class-action lawsuit in less than a week on Feb. 3, over issues with its financial crime monitoring amid a recent money laundering scandal.

Westpac was sued by Australia’s financial crime watchdog AUSTRAC in November for 23 million alleged breaches of anti-money laundering laws, including payments between known child exploiters.