Australia: Westpac says money laundering and counter-terrorism breaches may be 450,000 more than suspected

Westpac says an internal investigation has discovered it may have breached anti-money laundering and counter-terrorism finance laws on up to 450,000 occasions more than it previously thought.

The investigation was ordered in response to a money-laundering and child-exploitation scandal at the bank that resulted in legal action against it by the regulator and the resignation of its chief executive and chairman.

Austrac, the regulator, has told Westpac it may add any new breaches discovered by the investigation to the existing 23m breaches over which it is already litigating.

The original full article can be found at theguardian.com

(Picture: Mark Metcalfe/Getty Images)

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