R
Enforcement/austracCWLTH

AUSTRAC v Westpac (LitePay child exploitation)

civil penalty24 Sept 2020Penalty $1300.00M

Respondent

Westpac Banking Corporation

Facts

AUSTRAC alleged Westpac contravened AML/CTF Act 23M times — including via LitePay payments to child exploitation hotspots in SE Asia.

Outcome

$1.3B civil penalty — largest in AU corporate history.

Read the source

https://austrac.gov.au/news-and-media/media-release/

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