NAB joins Commonwealth in anti-money laundering compliance issues

By Addie Thomes

National Australia Bank (NAB) has admitted to weaknesses in ensuring it is fully compliant with anti-money laundering law, joining Commonwealth Bank as the second major Australian bank to be beset by such problems.

NAB revealed the issue in its latest annual report, something which it is currently investigating internally.

Earlier this year, AUSTRAC filed a civil court proceeding against Commonwealth Bank, claiming misconduct on new fewer than 50,000 separate occasions. In the unlikely event that maximum financial penalties are applied to all charges, it could face a trillion-dollar fine.

RELATED STORIES:

The saga has led to the resignation of Commonwealth’s Ian Narev, who is to step down next year.

However, it does not look as if NAB faces as serious a set of problems at this stage. David Gall, Chief Risk Officer at NAB, said in a statement: “We have anti-money laundering policies and processes in place, and if we find weaknesses in these, we work hard to strengthen and fix them immediately.”

Gall also said that NAB did not have compliance issues with AUSTRAC, contrary to Commonwealth Bank which is accused of failing to report numerous cash transactions to the industry watchdog.

Share

Featured Articles

Exec interview: Brook Sims, COO, MAC Diversity Recruiters

Passionate about helping others find their voice, diversity leader and COO Brook Sims talks powerful leadership, diverse teams and being a change agent

Best new books that will make you a better leader

From inspiring CEO memoirs to strategic guides, these new books dish up plenty of principles, strategies, and anecdotes to help you become a better boss

5 Mins With: Jeff Li, founder and CEO of Shoplazza

Named in Fortune China’s 40 under 40 for 2022, former Baidu head Jeff Li is the entrepreneurial founder and CEO of ecommerce platform Shoplazza

Workplace special – the changing nature of the office

Leadership & Strategy

Meet Shanique Bonelli-Moore, DEI leader at Clorox

Sustainability

Forterro CEO Dean Forbes – inspirational leadership

Leadership & Strategy