NAB facing investigation over potential ‘serious and ongoing’ financial crime breaches | CharlotteGriev1
National Australia Bank is facing allegations of potentially serious and ongoing non-compliance with anti-money laundering laws, with the financial crimes watchdog launching a formal investigation into whether to take legal action.
AUSTRAC has now referred the matter to its enforcement team where it will determine whether any further action is taken, but the regulator pointed out it was not considering enforcement action at this point. The letter comes after “regular engagement” with NAB over “a long period of time”, with compliance problems flagged in its recent half-year financial report.“NAB takes its financial crime obligations seriously. We are very aware that we need to further improve our performance in relation to these matters. We have been working to improve and clearly have more to do,” Mr McEwan said.
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