West­pac faces record fine over money laun­der­ing

The Daily Telegraph - Business - - Business -

Aus­tralia’s West­pac bank has agreed to pay a record fine of A$1.3bn (£722m) for more than 23m breaches of mon­ey­laun­der­ing laws, in­volv­ing more than £5.5bn in funds. The fine, which needs court ap­proval, is more than the £500m West­pac bud­geted for. Peter King, West­pac’s chief ex­ec­u­tive, apol­o­gised for the fail­ings. Ex-chief ex­ec­u­tive Brian Hartzer re­signed over the scan­dal.

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