Westpac Ordered to Pay Record $1.3 Billion AML Penalty
Company: Westpac Banking Corporation
Summary
In October 2020, the Federal Court ordered Westpac Banking Corporation to pay a A$1.3 billion penalty for breaches of Australia's anti-money-laundering and counter-terrorism-financing laws. Westpac admitted extensive compliance failures involving international funds-transfer reporting and risk management. The Federal Court found that the contraventions persisted over a lengthy period, from at least November 2013 to November 2019, and described their regularity, number and systemic nature as serious. AUSTRAC's enforcement register states that Westpac breached the AML/CTF Act on more than 19 million occasions. The A$1.3 billion penalty remains the largest civil penalty in Australian corporate history. Sources: AUSTRAC enforcement register https://www.austrac.gov.au/about-us/record-our-actions/enforcement-actions-taken Federal Court judgment via AUSTRAC https://www.austrac.gov.au/sites/default/files/2020-10/Chief%20Executive%20Officer%20of%20the%20Australian%20Transaction%20Reports%20and%20Analysis%20Centre%20v%20Westpac%20Banking%20Corporation%20%5B2020%5D%20FCA%201538.pdf