Tag: fine
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Westpac to Pay Largest Fine in Australian Corporate History
Westpac has agreed to pay AUSTRAC (the Australian Transaction Reports and Analysis Centre) $1.3 billion in fines, the largest in Australian corporate history. The penalty was incurred after AUSTRAC found that Westpac had committed more than 23 million violations against anti-money laundering and counter-terrorism laws. CEO Peter King commented in a statement that the bank…
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Nurofen fined $1.7 million for misleading consumers
The company that sells Nurofen, Reckitt Benckiser, has been fined $1.7 million by the Federal Court for misleading Australian consumers about their pain relief products. The Nurofen Specific range are advertised to specifically target various types of pain including back, period, migraine and tension headache pain. It was argued that despite the packaging and marketing, the products…