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​Westpac faces penalties over breach of Australian money-laundering, terrorism-financing laws

( November 19, 2019, 23:19 GMT | Official Statement) -- MLex Summary: Westpac Banking Corporation is facing a civil penalty order in the Federal Court of Australia over the company's failure to comply with Australia's anti-money laundering and counter-terrorism financing laws on 23 million occasions. The Australian Transaction Reports and Analysis Centre, the country's financial intelligence agency, said in a statement today that its decision to commence civil penalty proceedings followed a detailed investigation into Westpac's non-compliance. Austrac outlined five main areas of non-compliance in its statement, including a failure to report over 19.5 million International Funds Transfer Instructions to Austrac over nearly five years for transfers both into and out of Australia.Find the full statement attached below. ...

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