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Financial Crime - Westpac - Austrac legal action over anti-money laundering failures (Australia)

Westpac was ordered to pay A$1.3 billion in October last year to settle a case brought by Australia’s anti-money laundering regulator, known as Austrac. The penalty — the highest corporate penalty in Australian history — was issued against the bank for breaching the country's anti-money laundering law on over 23 million occasions, which included failing to spot financial transactions linked to suspected child exploitation. The penalty has sparked a class action lawsuit in the Federal Court of Australia, leg by investor Edmund How Fen Yong (Federal Court casefile: VID1373/2019).

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