Australia’s financial crime regulator has accused Westpac Banking of committing over 23 million breaches of the country’s anti-money laundering and counter-terrorism financing rules.
The bank is alleged to have failed to report some A$11 billion (U.S. $7.35 billion) worth of transactions since 2013 to the Australian Transaction Reports and Analysis Centre (AUSTRAC) that may have posed a risk of funding terrorism.
