21 Nov 2019 AUSTRAC applies for civil penalty orders against Westpac
On 20 November 2019, AUSTRAC, Australia’s anti money-laundering and terrorism financing regulator, applied to the Federal Court of Australia for civil penalty orders against Westpac Banking Corporation (Westpac).
The civil penalty orders relate to systemic non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). AUSTRAC alleges Westpac contravened the AML/CTF Act on over 23 million occasions.
Read more here.