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.