AUSTRAC v Westpac: civil penalty proceedings in the Federal Court
Westpac and AUSTRAC have agreed to a $1.3 billion proposed penalty in relation to Westpac’s breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth), subject to approval by the Federal Court of Australia. If approved, it will represent the largest civil penalty in Australia to date.
The counsel team for AUSTRAC included Daniel Habashy of New Chambers, led by Wendy Harris QC and Robert Craig SC, with Simona Gory.
Media coverage on the proposed settlement can be found at: https://www.smh.com.au/business/banking-and-finance/how-westpac-s-record-breaking-fine-compares-to-others-20200924-p55ynh.html
