Australia's Westpac hit with up to $328t fine for money laundering

The bank is accused of enabling payments from child sex offenders.

Financial crime watchdog Australian Transaction Reports and Analysis Centre (AUSTRAC) is seeking up to $328t (A$483t) from Westpac, Australia’s second-largest bank Westpac accused of enabling payments from child sexual predators and “high-risk” countries, according to a Reuters report.

AUSTRAC is seeking up to $14.28m (A$21m) for every transaction that Westpac had failed to report.

The estimated total fine will be larger than last year’s $475.87m (A$700m) penalty against the Commonwealth Bank of Australia for violating similar protocols.

In a separate report by Reuters, Prime Minister Scott Morrison told the Australian Broadcasting Corp on Tuesday that the bank’s board should reconsider CEO Brian Hartzer’s position in the company.

“They should be taking this very seriously, reflecting on it very deeply and taking the appropriate decisions for the protection of people’s interests in Australia - their safety.”

For his part, Hartzer told reporters that he is “personally disgusted and appalled” at the breaches, but claimed that the board was not indifferent.

Here's more from Reuters.