Australian bank Westpac has said it is setting aside more than AUS$900 million (US$570 million) to resolve allegations it facilitated more than 23 million breaches of anti-money laundering and counter-terrorism laws.
The UK’s largest bank has alerted financial intelligence authorities to possible breaches of anti-money laundering regulations at its Australian subsidiary.
Regulators have begun civil proceedings against Westpac Banking Corporation alleging more than 23 million money laundering rule breaches, Australia’s anti money-laundering and terrorism financing regulator (AUSTRAC) said Wednesday.
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