(Bloomberg) -- Westpac Banking Corp. will pay a record A$1.3 billion ($920 million) fine to settle Australia’s biggest breach of anti-money laundering laws.
The fine, the largest levied against an Australian company, is more than the A$900 million Westpac had set aside for a potential penalty, and tops the A$700 million rival Commonwealth Bank of Australia paid to settle its breaches in 2018.
Chief Executive Officer Peter King again apologized for the bank’s failings. “We are committed to fixing the issues to ensure that these mistakes do not happen again,” he said in a statement Thursday. “This has been my number one priority. We have also closed down relevant products and reported all relevant historical transactions.”
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