Aussie bank facing huge fine for money-laundering breaches

SYDNEY - Australian banking giant Westpac faces a massive fine after being accused by regulators on Wednesday of "serious and systemic" breaches of money-laundering laws involving more than $7 billion.

Australia's financial intelligence agency, AUSTRAC, said it had taken legal action against Westpac for failing to report more than 19.5 million international fund transfers, including "high-risk transactions" to Southeast Asian nations potentially linked to child exploitation.

Overall, AUSTRAC chief Nicole Rose said Westpac violated the anti-money laundering and counterterrorism financing law 23 million times.