Paulina Duran, 06 June 2021
SYDNEY (Reuters) – National Australia Bank said on Monday it is under investigation for suspected serious and ongoing breaches of anti-money laundering and counter-terrorism laws, sparking concerns about potential fines and higher compliance costs.
The financial crime regulator said there were “areas of serious concern” that required further investigation, but it was not considering a civil penalty order at this stage.
Shares in Australia’s third-largest lender fell 2.6% in morning trading while the wider market was little changed.
The Australian Transaction Reports and Analysis Centre (AUSTRAC) said the problems at NAB involved “potential serious and ongoing non-compliance” with customer identification procedures, customer due diligence and other compliance requirements.