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@Mike Martins Channel

Westpac faces fines over - money laundering Breaches !

AUSTRAC's conscise statement of claim outlines the magnitude of the theoretical maximum fine Westpac could face.

"Westpac has contravened the act on over 23 million occasions, each contravention attracting a civil penalty between $17 million and $21 million," the regulator noted.

Assuming 23 million contraventions at the lower end of those maximum penalties, that amounts to a potential maximum fine of $391 trillion.

As highlighted in the Commonwealth Bank money laundering

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