Australia’s second-biggest bank, Westpac, is poised to overtake the Commonwealth Bank. Not in terms of assets, earnings or market capitalisation, but in having to pay the heftiest fine in Australian corporate history.
It is accused of breaching laws aimed at hindering criminal money laundering and the financing of terrorism. With some of those breaches involving supicious transactions in South-East Asia, it is alleged Westpac has potentially facilitated the most heinous of crimes – the commerce of child sex abuse.
Each breach carries a penalty of up to A$63,000. Westpac is accused of 23 million breaches.
That means it could potentially be fined more than A$1 trillion. The actual fine is likely to be bargained down, as Commonwealth Bank did in agreeing to pay A$700 million in 2018 for its own breaches of anti-money-laundering provisions.
Even so, Westpac is still likely to be up for more than A$1 billion.
So what exactly is it accused of doing wrong, and what should it have done? Here’s a quick guide to how Australia’s anti-money-laundering laws work.
The recipe for KFC chicken used to be a closely guarded secret. However, a former KFC employee recently leaked the alleged "11 secret herbs and spices" to the world - and after extensive testing, the recipe checks out.
This video shows you how to make bona fide KFC chicken at home. (The good news is, you probably have most of the ingredients in your cupboard already.)
USB is still one of the most important pieces of technology in the 21st century. They charge your devices, they carry around your folders filled with files you hardly use or look at, and they help to transfer things between devices. But a new USB type is on its way and its going to change everything up. Here's what the USB4 is all about.