Bank hit with $1.3b money laundering fine

Westpac has agreed to pay a record $1.3 billion fine for major breaches of money laundering and terror financing laws – the largest civil penalty in Australian history.

Banks fail to stop global money laundering

A cache of leaked files uncovered by a network of investigative journalists has revealed major failings in the global fight against international money laundering.

Photo: AP/Rick Rycroft

Westpac heads roll over money laundering scandal

Westpac chief executive Brian Hartzer is stepping down and chairman Lindsay Maxsted plans to follow suit, leaving Australia’s second largest bank to respond to its money laundering and child exploitation scandal under new leadership.

Money laundering watchdog hunts Westpac

Australia’s financial intelligence agency is pursuing Westpac for alleged breaches of money laundering and counter-terror laws.