Australia’s largest business bank – National Australia Bank has admitted that it faces the prospect of further remediation and a huge fine for multiple possible breaches of AML/CTF laws.
In its annual report, the bank said that it might have been involved in a breach or alleged breach of laws governing bribery, corruption and financial crime. The bank has also confirmed that officials have provided documents and information to the financial intelligence watchdog – AUSTRAC, for the investigation.
While questioned about the penalty, NAB said the bank is not sure how deeply the issue had run and how significant any penalty would be from AUSTRAC.
The bank self-reported a number of issues related to breach to AUSTRAC, and was currently investigating and remediating a number of counter-terrorism and anti-money laundering breaches, NAB further told.
In 2018, Commonwealth Bank was fined a record $700 million for breaches of the same laws.
Source – Yahoo!