Westpac Banking Corp will pay the biggest fine in Australian corporate history, $1.3 billion, to settle the devastating case brought by financial crimes regulator AUSTRAC.
AUSTRAC chief executive Nicole Rose said the size of the penalty would send a strong message to companies of the need to "harden the financial system" against use by criminals and reflected the "serious and systemic nature" of Westpac's breaches.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
