Top Australian bank under investigation for 23 million violations

The second-largest Australian bank and the one among the Big Four banks, Westpac, is fighting some severe money laundering accusations and is likely to pay one of the heftiest fines in the Australian banking history. When Westpac collaborated with other leading banks in the country, Australia and New Zealand Banking Group and Commonwealth Bank of Australia, earlier this year, to introduce blockchain to the country’s banking sector and streamline bank guarantee process for shopkeepers, it seemed that the year is going to end on a positive note for the country’s banking industry. Come December, and everything began to spiral out