AUSTRAC takes aim at the second of the Big 4 banks


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:

Westpac’s ASX announcement:

AUSTRAC’s media release on the CBA penalty:

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