O n April 22, Australian banking major Westpac Banking Corporation was handed the final penalty fine by the Federal Court as part of six separate civil-penalty proceedings filed by ASIC (Australian Securities and Investments Commission) against the lender in November 2021. The penalty for this latest breach—AUS$40 million for charging advice fees totalling more than $10.9 million to more than 11,800 deceased customers—meant that Westpac had to pay a total of $113 million for the six matters, illuminating the widespread compliance failures committed by the bank over many years across multiple businesses, including Westpac's banking, superannuation, wealth-management and insurance brands.