A passer-by walks past an illuminated logo for Australia's Westpac Bank in Sydney. Photo: Reuters

Westpac scandal: US$1.8 million goodbye for Australian bank chief resigning over money laundering

  • Two other top-level figures at the bank – the chairman and director – will also step back, according to a statement from Westpac
  • Last week, Australia’s Federal Court found the bank had breached money-laundering laws 23 million times, including in transactions related to child pornography
Topic |   Australia

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A passer-by walks past an illuminated logo for Australia's Westpac Bank in Sydney. Photo: Reuters
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Australia’s second-largest bank is accused of ignoring red flags and enabling payments from convicted child sex offenders in ‘high risk’ countries. Photo: Bloomberg

Westpac scandal: Australian bank ‘breached anti-money-laundering laws 23 million times’, watchdog claims

  • Australia’s second-largest bank is accused of ignoring red flags and enabling payments from convicted child sex offenders in ‘high risk’ countries
  • Lawsuit claims Westpac knew of ‘heightened child exploitation risks’ in Philippines and other Southeast Asian nations but took no action
Topic |   Banking & Finance

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Australia’s second-largest bank is accused of ignoring red flags and enabling payments from convicted child sex offenders in ‘high risk’ countries. Photo: Bloomberg
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