After its landmark $700m penalty in 2018 against CBA for 53,750 contraventions of the AML/CTF Act, AUSTRAC has today applied to the Federal Court for civil penalty orders relating to 23 million alleged contraventions of the AML/CTF Act. No details as yet on the size of the penalty that may be applied.

AUSTRAC’s media release: https://www.austrac.gov.au/about-us/media-release/civil-penalty-orders-against-westpac

Westpac’s ASX announcement: https://www.asx.com.au/asxpdf/20191120/pdf/44br9spnht5g4q.pdf

AUSTRAC’s media release on the CBA penalty: https://www.austrac.gov.au/austrac-and-cba-agree-700m-penalty