APRA says the $1.5m fine is the maximum penalty it can levy for the three breaches. "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. Westpac made an $8.1b profit last year Westpac has taken a $900 million provision to cover the fine it will face over a money laundering scandal. Westpac Banking Corp. has set aside A$900 million ($574 million) to settle a massive breach of anti-money laundering laws, in what would be the biggest fine in Australian corporate history. "Since at least 2013, Westpac was aware of the heightened child exploitation risks associated with frequent low value payments to the Philippines and Southeast Asia, both from AUSTRAC guidance and its own risk assessments," it said.The regulator added that senior Westpac management was "specifically briefed" in June 2016 on these risks with respect to one of its money transfer channels.In response to the charges, Westpac's American-born CEO, Brian Hartzer, insisted bank executives have "absolutely not been indifferent" to the issue.He later held a conference call saying he was personally "disgusted" by the subject of some allegations but declined to say whether he would resign.Hartzer also said many of the transfers cited by AUSTRAC as unreported were "recurring, low-value payments" from foreign government pension funds to people living in Australia.Prime Minister Scott Morrison, who leads a conservative, pro-business government, said he was "appalled" by the allegations against Westpac and said Australia's banks need to "lift their game".Rose told a news conference that Westpac's failures "resulted in serious and systemic non-compliance" with anti-money laundering and counter-terrorism financing laws.She said the unreported transactions amounted to more than Aus$11 billion (US$7 billion) from 2013 to 2018.Westpac "failed to appropriately assess and monitor the ongoing money-laundering and terrorism financing risks associated with the movement of money into and out of Australia through correspondent banking relationships", she said.The AUSTRAC action added to a host of problems challenging Australia's banking industry, one of the world's most profitable.The country's four biggest banks -- CBA, Westpac, National Australia Bank (NAB) and ANZ -- were the target of a royal commission of inquiry that early this year exposed rampant malpractice across the sector.It found banks had charged fees to dead people and for no services at all, used aggressive selling tactics and provided poor advice that led to significant financial upheaval for clients.All the banks have reported significant hits to profits as they reimburse hundreds of millions of dollars to wronged customers.In the latest such development, NAB agreed on Wednesday to a Aus$49.5 million settlement of a class action suit for tens of thousands of customers who were sold junk credit card and personal loan insurance, the law firm that led the suit said.Westpac said earlier this month that it had informed AUSTRAC of its failure to properly report a 'large number' of international transfers (AFP Photo/PETER PARKS)Jofra Archer's Test role remains uncertain, but T20 cricket is where he excels and feels at homeMeet Zac Efron's rumoured girlfriend Vanessa ValladaresAgar targets role as Australia finisher in T20 cricketDawid Malan hopes he can maintain form to earn spot in Twenty20 World Cup squadEngland star Buttler to miss final T20 against AustraliaTrump Campaign Official Mocked Joe Biden For Visiting Graves Of Late Family MembersTrump says troops love him even if Pentagon brass doesn'tiCAD (NASDAQ:ICAD) Shareholders Have Enjoyed An Impressive 156% Share Price GainTrump Helped Himself To Art From Ambassador's Mansion In Paris For White HouseZac Efron Is Dating Australian Model Vanessa Valladares and They Seem Super CuteTrump disputes Atlantic report that he called service members ‘losers’ and ‘suckers’Should You Be Excited About Howmet Aerospace Inc.'s (NYSE:HWM) 17% Return On Equity?The It List: New doc revisits Michael Jackson's death, 'Star Trek' stars reunite for a free 24-hour virtual celebration, Marilyn Manson teams up with Shooter Jennings for new album and the best in pop culture the week of Sept. 7, 2020Lindsey Graham’s warning about Trump re-surfaces after report on president slurring fallen troopsMore Than Ever, Trump Casts Himself as the Defender of White AmericaJulian Assange in U.K. court to fight U.S. extradition bidDid HubSpot, Inc. (NYSE:HUBS) Insiders Buy Up More Shares?Ohio woman falsely called police on Black man using his phone, said he was carrying a gun
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