Westpac announces record-breaking $1.4b fine

Westpac has announced it will pay a A$1.3 billion (NZ$1.4b) fine, the largest in Australian corporate history, for breaching anti-money laundering laws and failing to stop child exploitation payments. Chief executive Peter King apologised for the bank’s failings as the settlement with the financial crimes regulator, the Australian Transaction Reports and Analysis Centre, was announced. ‘‘We are committed to fixing the issues to ensure that these mistakes do not happen again. This has been my number one priority,’’ King said.