Westpac has agreed to pay a record $1.3 billion fine for breaches of money laundering and terrorism financing laws.
The massive penalty comes after the bank was last year found to have committed 23 million money breaches of laws governing international fund transfer.
Westpac chief executive Peter Keating has apologised for the bank’s failings.
“We are committed to fixing the issues to ensure that these mistakes do not happen again,” he said this morning.
“We have also closed down relevant products and reported all relevant historical transactions.”
The laws are in place to guard against exploitation by terrorists, paedophiles and organised criminals.
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