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Men's Weekly

Australia's biggest corporate fine isn't the end of it for Westpac

  • Written by Helen Bird, DIscipline Leader, Corporate Governance & Senior Lecturer, Swinburne Law School, Swinburne University of Technology

Paying a record A$1.3 billion fine for breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act is one thing, making sure it couldn’t happen again is another.

The fine agreed to by Westpac and the Australian Transaction Reports and Analysis Centre (AUSTRAC) last week amounts to one-fifth of its 2019 full year net profit.

Althou...

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