Business News

It's not only Westpac. What's behind the biggest fine in Australian corporate history

Written by Thomas Clarke, Professor, UTS Business, University of Technology Sydney

Marlon Trottmann/Shutterstock

Westpac is to pay A$1.3 billion, by far Australia’s biggest-ever corporate fine for breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act.

The 93-page statement of agreed facts and admissions prepared by Westpac and the Australian Transaction Reports and Analysis Centre (AUSTRAC) says Westpac...

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