Australia's Westpac accused of 23 million money laundering breaches

The oversight failure at Australia's second-largest bank led to "serious and systemic non-compliance" with anti-money laundering laws, financial crime watchdog AUSTRAC said in a court filing.The regulator is pursuing fines of up to A$21 million ($14 million) for every transaction Westpac failed to monitor adequately or report on time.The lawsuit dwarfs a case AUSTRAC brought against larger Commonwealth Bank of Australiawhich agreed last year https://www.reuters.com/article/australia-cba-moneylau