Westpac faces fine for money-laundering breach

Australian banking giant Westpac faces a massive fine after being accused by regulators Wednesday of “serious and systemic” breaches of money-laundering laws involving more than US$7 billion. Australia’s financial intelligence agency, AUSTRAC, said it had taken legal action against Westpac for its failure to report more than 19.5 million international fund transfers, including “high-risk transactions” […]