Westpac in record $1.3 billion fine for anti-money laundering breaches

Westpac has reaches a deal with financial crime agency AUSTRAC to settle more than 23 million alleged breaches of anti-money laundering laws by paying a record $1.3 billion penalty. 

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The fine outstrips the $700 million paid by the Commonwealth Bank to settle almost 54,000 breaches. 

ABC's Peter Ryan says the penalty is reputation-shattering for Westpac.