- Westpac Banking Corporation (WBC) has agreed to pay $1.3 billion to settle its case with AUSTRAC
- If the Federal Court of Australia considers the penalty appropriate, it will be the largest-ever civil penalty in the country’s history
- Last year, AUSTRAC accused the banking giant of breaching anti-money laundering and counter-terrorism financing laws more than 23 million times
- Westpac and AUSTRAC have filed a Statement of Agreed Facts with the Federal Court
- The bank has admitted to an additional 76,000 breaches, resulting in the recommended $1.3 billion penalty, higher than the bank’s initial estimate of $900 million
- Westpac shares are 2.32 per cent down in early trade, worth $16.01
