AUSTRAC Commences Legal Action Against Westpac for AML Breaches

AUSTRAC, Australia’s anti money-laundering and terrorism financing regulator, has applied to the Federal Court of Australia for civil penalty orders against Westpac Banking Corporation (Westpac). The civil penalty orders relate to systemic non-compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). AUSTRAC alleges Westpac contravened the AML/CTF…