Hong Kong (CNN Business) Westpac, one of Australia's largest banks, has agreed to pay a record-breaking penalty of nearly $1 billion for systematically allowing money laundering on its watch. The company announced Thursday that it has agreed to the 1.3 billion Australian dollar ($920 million) fine with AUSTRAC, a regulator in Australia that fights financial crime. fine was levied on the Commonwealth Bank of Australia in 2018 after that bank admitted it failed to observe laws to prevent money laundering and financing of terrorism. If the fine is approved by an Australian court, it would be the largest corporate penalty in the country's history. A 700 million Australian dollar ($493 million) fine was levied on the Commonwealth Bank of Australia in 2018 after that bank admitted it failed to observe laws to prevent money laundering and financing of terrorism.

Source: CNN September 24, 2020 05:03 UTC