When money laundering stops the Global Economy stops?
No coincidences.
Pig 4 Banks in Australia all caught?
Always the Pig Banks.
Any Bank caught laundering should cease to exist?
How can it be stopped when the penalty is 1/23 of the crime? It can't.
A big four bank considers itself “well placed” to pay up on a $900 million penalty for the more than 23 million alleged anti-money laundering breaches that came to light last year.
In an announcement to shareholders detailing items affecting the bank’s 1H20 results, Westpac Group has highlighted a billion-dollar hit to its cash earnings – all related to AUSTRAC’s filing of a civil claim in November 2019.
Of that, $900 million has been allocated for the “potential penalty” related to the proceedings.
A statement from the bank said: “Westpac had considered the available information and expects to make a provision of $900 million for its potential liability.”
https://www.nestegg.com.au/borrow-money/banking/900m-money-laundering-penalty-likely-for-major-bank