NAB working with Accenture on massive compliance fix
Consultancy.com.au, 15 June 2021
Consulting giant Accenture is reportedly working with the NAB on a “mammoth” project to fix the long-standing compliance issues which have recently led to increased regulatory scrutiny.
The National Australia Bank has brought in professional services giant Accenture on a secret project to combat shortfalls in its financial crimes compliance and identification of high-risk customers, according to a report from the Sydney Morning Herald. Dubbed ‘Project Apollo’, the engagement is described as ‘mammoth’ by the paper, with Accenture said to have hired additional staff to work specifically on the project.
The news follows the recent formal investigation launched by Australian financial intelligence regulatory body AUSTRAC (The Australian Transaction Reports and Analysis Centre) into the bank’s potential serious and systemic non-compliance around anti-money laundering laws, with NAB boss Ross McEwan admitting there was need for further improvement in the area despite a $800 million investment since 2017.
