"Westpac is expected to admit major deficiencies in its anti-money laundering and terrorism financing obligations as it faces a potential billion dollar-plus fine.
"Lawyer for the bank said in the Federal Court on Monday it was expected to admit to all or most of the 23 million breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act it has been accused of by the Australian Transaction Reports and Analysis Centre.
"The government regulator is seeking a civil penalty of between $21 million and $17 million for each offence meaning the maximum potential fine is $483 trillion..."
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