Placeholder Content Image

NAB faces heavy penalties after admitting money-laundering breach

<p><span style="font-weight: 400;">National Australia Bank (NAB) faces the prospect of further remediation and a massive fine after revealing it might have made multiple breaches of counter-terrorism and anti-money laundering laws.</span></p> <p><span style="font-weight: 400;">The bank said in its annual report on Friday that it might have been involved in a breach or alleged breaches of laws governing bribery, corruption and financial crime.</span></p> <p><span style="font-weight: 400;">NAB said it has self-reported “a number” of issues to financial intelligence agency AUSTRAC.</span></p> <p><span style="font-weight: 400;">The bank also said that it provided documents and information to the financial intelligence watchdog.</span></p> <p><span style="font-weight: 400;">NAB is unsure how deeply the issue had run as well as how significant any AUSTRAC penalty would be.</span></p> <p><span style="font-weight: 400;">“The potential outcome and total costs associated with the investigation and remediation process remain uncertain,” the bank said in its annual report, according to </span><a href=""><span style="font-weight: 400;">The New Daily</span></a><span style="font-weight: 400;">.</span></p> <p><span style="font-weight: 400;">“Given the large volume of transactions that the group processes, the undetected failure of internal AML/CTF controls, or the ineffective implementation or remediation of compliance issues, could result in a significant number of breaches … and significant monetary penalties.”</span></p>

Money & Banking

Our Partners