NAB and CBA exposed over PNG money laundering
Angus Grigg, 12 July 2021
The largest lender in the Pacific, BSP Financial Group, has been ordered to remove senior managers following breaches of anti-money laundering laws in Papua New Guinea, putting further pressure on Commonwealth Bank of Australia and National Australia Bank to cut ties with the troubled institution.
BSP, which listed on the ASX in May and trades as the Bank of South Pacific, was found by the PNG regulator to have committed dozens of violations of anti-money laundering laws, running to thousands of individual breaches. Continue reading “Article: NAB and CBA exposed over PNG money laundering”
In a meeting of the Standing Committee on Health chaired by Nisar Ahmed Cheema, MNA Ramesh Lal alleged that some pharmaceutical companies were carrying out money laundering under the disguise of importing raw material while clearly violating laws.
The financial intelligence regulator has warned reporting entities to stay on top of their obligations, following recent changes to the AML-CTF Act that added clarity on know-your-customer requirements and banned certain types of correspondent banking.
The Commonwealth Bank of Australia (ASX: CBA) share price broke a new record high on Wednesday despite being tainted by a money laundering scandal.
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 is being investigated by national financial crime regulators for breaking money laundering laws as part of a broader crackdown on organized crime.
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.