Austrac: Identifies AML compliance shortcomings at NAB
- AUSTRAC is Australia’s anti-money laundering and counter-terrorism financing regulator and specialist financial intelligence unit
- NAB informed by it has identified serious concerns with NAB’s compliance with the Anti-Money Laundering (AML)
- Advised NAB in a letter dated 4 June 2021, that view that there “potential serious and ongoing non-compliance”
- These concerns have been referred enforcement team, which has initiated a formal enforcement investigation
- NAB has disclosed the existence of AML/CTF compliance issues in various public disclosures since 2017
- The company a wide range of enforcement options available to it, including civil penalty orders, enforceable undertakings
