9News: Dirty Money

Peter Overton, Nine News Sydney: Lets go to Nine’s finance editor Ross Greenwood.

Ross, Westpac is facing huge fines over these breaches…

Ross Greenwood: They could indeed be the biggest financial penalty any financial institution have ever seen in this country.

Now, it could be a maximum – now get this – $345 trillion, 400 times the size of the bank.

It won’t be that amount however, but it is likely to run into the billions – eclipsing what the Commonwealth had to pay last year.

But its not the only bank that might have to face such allegations, with the National Australia Bank and also the buy now, pay later group Afterpay also admitting they are in discussions with AUSTRAC.

Conveniently today, the National Australia Bank announced a separate settlement of $49.5 million in a class action for pretty much useless insurance over credit.

Over 100,000 NAB customers might be due a refund Pete.

Overton: Ross, thank you.