Ann: Westpac and AUSTRAC reach agreement on AML/CTF proceedings, page-63

Fair bit of hyperbole, accusations and exaggeration thrown around yesterday.
I think some would do well to reflect on what the actual penalty was for.
WBC was not found to be involved in child trafficking etc  They were found to have breached their duties under the act.
Penalty was imposed for:-
"....in relation to admitted contraventions of the Anti-Money Laundering and Counter-Terrorism and Financing Act 2006 (AML/CTF Act)."
Obviously this allows others to perpetrate (and fund) certain crimes and activities but is not a direct link to those crimes. Gross incompetence no doubt and demonstrates little regard for their duty. Punishment was absolutely warranted, but care should be taken to understand the separation here.
As others have said big part of fine has already been provisioned and little doubt WBC have drifted below ANZ & NAB pending the actual resolution and would appear in line with market expectations.
WBC will obviously be under scrutiny to ensure systems are in place and up to stringent requirements and surely they also would have done a meticulous audit to ensure nothing further comes out.
Reputational damage does linger but future solid bottom lines will result in rapid short term memory loss for many........