One can’t actually overstate the significance of AUSTRAC’s legal assault on Westpac. The numbers alone are well past staggering. The federal regulator overseeing Australia’s anti-money laundering law has filed in the Federal Court its accusation that, between 2013 and 2018, Westpac broke that law over 23 million times.
Westpac has crossed the Rubicon
Even within the frame of our lowered faith in the banking sector, Westpac's alleged 23 million breaches of anti-money laundering laws may be a bridge too far.