The cost of doing business, ho hum, record profits again each quarter.
Westpac, one of Australia's largest banks, hit with record $920 million penalty over money laundering scandal
Westpac, one of Australia's largest banks, has agreed to pay a record-breaking penalty of nearly $1 billion for systematically allowing money laundering on its watch. The company announced Thursday that it has agreed to the 1.3 billion Australian dollar ($920 million) fine with AUSTRAC, a regulator in Australia that fights financial crime. Westpac also admitted as part of that deal that it broke anti-money laundering and terrorism financing laws more than 23 million times. "I would like to apologise sincerely for the bank's failings," CEO Peter King said in a statement. "We are committed to fixing these issues to ... (full story)