Westpac gets record fine for money-laundering

Australia’s Westpac bank has agreed to pay a record A$1.3 billion (US$923 million) fine for more than 23 million breaches of money-laundering laws, the bank and regulators announced Thursday. Australia’s financial intelligence watchdog, AUSTRAC, said the wrongdoing included Westpac failures to monitor international payments suspected of funding child exploitation. “Our role is to harden the […]