Westpac to pay record A$1.3 bln fine to settle money laundering suit
CEO apologizes and says lender has recruited 200 staff to fight crime. The bank is now set to increase provisions by a further A$404 mln on top of a A$900 mln charge already taken.
Westpac Banking Corp. on Thursday agreed to pay A$1.3 billion ($917 million) in fines, the most levied against a corporation in Australia’s history, for breach of the nation’s money-laundering and anti-terrorism financing laws.
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