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Australia’s Westpac bank agrees to pay $920 million fine for money laundering

Australia’s Westpac bank agrees to pay $920 million fine for money laundering

Westpac, one of Australia’s biggest banks, has agreed to pay a fine of 1.3 billion Australian dollars (US $920 million) for allowing money laundering on its watch. As a part of the deal with AUSTRAC, the country’s regulator that fights financial crime, Westpac also admitted that it broke anti-money laundering and terrorism financing laws more than 23 million times.

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