Australia-based financial institution Westpac said in its latest earnings report that it has set aside AUS$900 million (U.S. $570 million) for a potential fine with Australian enforcement authorities related to a money laundering scandal and for allegations of facilitating child exploitation in the Philippines and Southeast Asia.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...