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WBK - Westpac's Problems Extend Far Beyond Money Laundering Scandal
Westpac Banking Corporation
Westpac (WBK) CEO Brian Hartzer resigned on Monday after regulators sued the bank for 23 million alleged breaches of counter-terrorism and money laundering laws, many of which involve child exploitation. To understand the gravity of the situation, each of those 23 million violations carries a maximum penalty of $14M USD ($21M AUD) giving a theoretical total of $322 Trillion USD which is about as much all of the debt and equity of the entire world, public and private.
Unfortunately, money laundering is not new to Australia's banking system. Last year Commonwealth Bank (