The Westpac Group (ASX:WBC) settles AUSTRAC case for $1.3 billion

Company News

by Rachael Jones

The Westpac Group (ASX:WBC) has reached an agreement with AUSTRAC and resolved to pay a $1.3 billion fine for breaching anti-laundering laws.

As part of the agreement, Westpac admitted contraventions of the Anti-Money Laundering and Counter-Terrorism and Financing Act 2006.

In June, Westpac released the findings from its investigation into its AML/CTF compliance issues as well as the Advisory Panel Report on governance and accountability.

Westpac Group Chief Executive Officer, Peter King, said: “I would like to apologise sincerely for the Bank’s failings.

Shares in the Westpac Group (ASX:WBC) are trading 1.46 per cent lower at $16.15.