Westpac (ASX:WBC) increases expenses in response to AUSTRAC

Company News

by Rachael Jones

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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.