Goldman Sachs cut its target price for Westpac Banking Corp on Friday as Austral...
) on Friday as Australia’s second-biggest bank stands accused of massive breaches of anti-money laundering laws and faces billions of dollars in fines.
The U.S. investment bank, in a research report, drew parallels to a similar case against Commonwealth Bank of Australia which resulted in a A$700 million penalty. Australia’s financial crime regulator this week accused Westpac of 23 million breaches of anti-money laundering laws, triggering calls for the resignation of Chief Executive Officer Brian Hartzer.
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