AUSTRAC v Westpac Banking Corporation

[2020] FCA 1338

civil penalty22 Oct 2020Penalty $1300.00M

Respondent

Westpac Banking Corporation

Facts

Westpac admitted contravening the AML/CTF Act on over 23 million occasions, including failing to report 19.5 million IFTI transactions to AUSTRAC over nearly 5 years and inadequate ongoing customer due diligence for high-risk transactions involving child exploitation typologies.

Outcome

Federal Court imposed a $1.3 billion civil penalty — the largest in Australian corporate history. CEO resigned. Board and senior leadership changes followed.

Read the source

https://austrac.gov.au/news-and-media/media-release/court-orders-westpac-pay-13-billion-penalty-amlctf-act-contraventions

Rules Mate links to the regulator's own publication. We do not republish full decision text. Always verify the latest status against the source before acting.