Westpac reveals A$1.22b of money-laundering costs and writedowns

Tue, 27 Oct 2020

Westpac Banking Corp said "notable items" of A$1.22 billion after tax will reduce both its second-half statutory result and cash earnings.These notable items include the previously announced A$404 million charge relating to money laundering matters unveiled by the Australian government intelligence agency AUSTRAC which has now increased to A$415 million.They also include A$816 million of new items including write-downs of the value of its life insurance and car finance businesses and of capitalised software.Westpac has also increased...

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