Westpac Face Massive Fine

Another major bank is facing massive financial penalties for falling foul of Australia’s financial intelligence agency AUSTRAC, which launched legal action against Westpac on Wednesday. AUSTRAC alleges "systemic non-compliance" with the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act and identified an incredible 23 million breaches. Each individual contravention could attract a civil penalty of between $17 million and $21 million, leaving the bank facing fines potentially in the billions of dollars.