Australia’s financial regulatory authority "AUSTRAC" identified “serious concerns and needs attention” at National Australia Bank (NAB) regarding compliance with the country’s anti-money laundering (AML) and counter-terrorism financing(CTF) rules, later said in the statement, won't be fining bank for now.
AUSTRAC advised NAB on June 4th that "There is a potentially serious concern and compliance issue" with the customer identification and ongoing customer due diligence. Those concerned were referred to by AUSTRAC, which later resulted in a formal investigation.
"NAB plays an important role in the compliance of AML rules and regulation and is constantly improving the bank's services and performance to keep customer data safe," said Mr.McEwan.It is our key priority to keep banks in regulation and minimize the potential risk of AML and CTF, that’s why we are so focused on getting the basics right every time to protect our customers and our bank.
But AUSTRAC has started the investigation and urged bank employees and CEO Ross McEwan to support the compliance team with all the necessary documents. The regulators said the bank is taking all necessary steps to address the problem.