Australia-based financial institution Westpac is bracing for a record AUD$1.3 billion (U.S. $912.6 million) civil penalty issued by Australia’s financial crime regulator related to a money-laundering scandal and the facilitation of child exploitation in the Philippines and Southeast Asia.
If approved by the Federal Court of Australia, the civil penalty will represent the largest in Australian history, AUSTRAC said. “Our role is to harden the financial system against serious crime and terrorism financing, and this penalty reflects the serious and systemic nature of Westpac’s non-compliance,” said AUSTRAC Chief Executive Officer Nicole Rose.
