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Westpac A$1.3 billion money-laundering penalty approved by Australian court

By Laurel Henning and Ben Lucas ( October 21, 2020, 04:44 GMT | Insight) -- Westpac Banking Corporation will pay A$1.3 billion to settle a money-laundering case, after an Australian judge approved a settlement today. In a Federal Court of Australia hearing today, Judge Jonathan Beach said the penalty was appropriate and the integrity of the Australian financial system “depends on banks having first class money-laundering systems to detect counter-terrorism risks.”  Westpac Banking Corporation will pay A$1.3 billion to settle a money-laundering case, after an Australian federal court judge approved a settlement today....

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