Westpac faces massive fines over 'serious and systemic' anti-money laundering breaches

Westpac is facing massive fines for deficient oversight of its anti-money laundering and terror financing obligations that has allegedly left it exposed to child exploitation rings in South East Asia.

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 The financial intelligence agency AUSTRAC says Westpac broke regulations on 23 million occasions. 

ABC's Peter Ryan says the Westpac allegations follow the Commonwealth Bank's money laundering scandal that resulted in s $700 million fine.