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NAB facing AUSTRAC investigation over potential ‘serious and ongoing’ breaches – Sydney Morning Herald

The financial crimes watchdog has outlined serious concerns with NAB’s customer identification procedures and compliance with anti-money laundering and counter-terrorism…

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National Australia Bank is facing allegations of potentially serious and ongoing non-compliance with anti-money laundering laws, with the financial crimes watchdog launching a formal investigation into whether to take legal action.
AUSTRAC wrote a letter to NAB on June 4 outlining serious concerns with NABs customer identification procedures, ongoing customer due diligence and compliance with anti-money laundering and counter-terrorism financing laws.
NAB has been accused of serious non-compliance…

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