NAB Investigated For Possible Anti-Money Laundering Law Breaches
June 06 2021 - 7:23PM
Dow Jones News
By Alice Uribe
SYDNEY--National Australia Bank Ltd. will undergo a formal
review by Australia's financial intelligence regulator over
concerns that it breached anti-money laundering and
counter-terrorism financing rules.
The Australian bank said AUSTRAC, in a a June 4 letter, signaled
"potential serious and ongoing non-compliance" with customer
identification procedures, ongoing customer due diligence and
compliance with part of NAB's anti-money laundering and
counter-terrorism financing program.
These concerns have been referred to AUSTRAC's enforcement team,
which has begun a formal investigation, NAB said.
Still, AUSTRAC said in the letter that it had not made a
decision about whether enforcement action would be taken, and that
it is not considering civil penalty proceedings given work
undertaken by NAB to date.
Write to Alice Uribe at alice.uribe@wsj.com
(END) Dow Jones Newswires
June 06, 2021 19:09 ET (23:09 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
National Australia Bank (ASX:NABCD)
Historical Stock Chart
From Oct 2024 to Nov 2024
National Australia Bank (ASX:NABCD)
Historical Stock Chart
From Nov 2023 to Nov 2024
