The Prime Minister says executives at Westpac should “be facing the music” after millions of breaches of anti-money laundering laws were discovered.

The bank is being taken to court by the financial intelligence agency, AUSTRAC, accused of breaching the laws 23 million times over the past five years.

Westpac also allegedly failed to vet thousands of transactions which may have funded child pornography and live child sex shows in south-east Asia.

Scott Morrison says the bank’s bosses must be held accountable.

“It is deeply disturbing, the nature of these transactions and the broader breaches that have occurred.

“They’ll be facing the music over this and they should. They’ve got to lift their game.

“All Australians are just in complete disbelief and in fury.”

Asked whether CEO Brian Hartzer should be sacked, the PM said the board must take some action.

“I’m sure they will reflect deeply on these events and they will make decisions as they see fit.

“Other boards have gone down that path and they’ll have to make those calls and they’ll have to be accountable for them too.”

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Image: Getty/Mark Metcalfe