Westpac (ASX:WBC) released an announcement to the market this morning detailing their response to the issued raised AUSTRAC.
In its Plan, Westpac has made a number of commitments including to improve its financial crime program, support industry initiatives to enhance financial crime monitoring and provide additional support and resources to organisations that are working to eradicate child exploitation.
Expenses are expected to rise by up to $80 million before tax in financial year 2020.
The expenses will be included in cash earnings and treated as notable items.
Shares in Westpac (ASX:WBC) closed -1.55 per cent lower at $24.77 on Friday.