THE LARGEST CORPORATE PENALTY IN THE AUSTRALIA'S HISTORY

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Pedestrians wearing protective face masks walk past the Westpac Banking Corp

Westpac, one of Australia's largest banks, announced the settlement with AUSTRAC, an Australian crime-fighting regulator, for the $ 1.3 billion Australian dollar fine.

The Bank admitted that it violated anti-money laundering and terrorist financing laws more than 23 million times. If the fine is approved by an Australian court, it would be the largest corporate penalty in the country's history.

Nicole Rose, executive director of AUSTRAC, said "We have been, and will continue to work collaboratively with Westpac and all businesses we regulate to support them to meet their compliance and reporting obligations to ensure this doesn't happen again in the future”.


REFERENCES

He, L. (24 de Septiembre de 2020). Westpac, one of Australia's largest banks, hit with record $920 million penalty over money laundering scandal. Recuperado el 24 de september de 2020, de CNN business: https://diz.ae/MHCRb


This article has been written by BECERRA Abril, CONTE Pilar and MARTÍNEZ Florencia. 


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