Westpac faces record fine over money laundering
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.