Business
Westpac flags $1.2b hit to earnings on misconduct costs, write-downs – Sydney Morning Herald
Rising misconduct costs, asset write-downs and ballooning legal fees have contributed to the hit to earnings ahead of Westpac’s full-year results next week.
Last Wednesday, the Federal Court agreed Westpac should pay a fine of $1.3 billion, the largest civil penalty in Australian corporate history, after negotiations with financial crimes watchdog AUSTRAC Over 23 million breaches of anti-money laundering and counter-terrorism financing laws.
Westpac had initially put aside $900 million for the penalty but agreed to pay a higher price due to the serious and systemic nature of the breaches that failed to properly monitor and report suspicious payments,…
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