Article: NAB and CBA exposed over PNG money laundering

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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”

Article: Pharmacy firms accused of money laundering

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Pharmacy firms accused of money laundering

Shabbir Hussain, 03 July 2021

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.

Ramesha Lal, who is also a member of the health committee, said that more than a year has passed since the entire record of the case was sent to DRAP. However, he lamented, the authority has failed to explain it and present the record to the committee. Continue reading “Article: Pharmacy firms accused of money laundering”

Article: AUSTRAC issues know-your-customer, cuckoo smurfing warning

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AUSTRAC issues know-your-customer, cuckoo smurfing warning

James Frost, 28 June 2021

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.

AUSTRAC CEO Nicole Rose spoke of the growing awareness of the damage money laundering was doing to the community in a newsletter that reminded entities they needed to verify a customer before letting them make transactions and contained a guide on how to spot a form of money laundering known as “cuckoo smurfing”, which facilitates the transfer of funds overseas without alerting the authorities. Continue reading “Article: AUSTRAC issues know-your-customer, cuckoo smurfing warning”

Article: Commonwealth Bank (ASX:CBA) share price hits new record despite money laundering scandal

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Commonwealth Bank (ASX:CBA) share price hits new record despite money laundering scandal

Brendon Lau, 16 June 2021

The Commonwealth Bank of Australia (ASX: CBA) share price broke a new record high on Wednesday despite being tainted by a money laundering scandal.

The CBA share price jumped over 1.4% to $104.82 even as the S&P/ASX 200 Index (Index:^AXJO) struggled to hold its head above water. Continue reading “Article: Commonwealth Bank (ASX:CBA) share price hits new record despite money laundering scandal”

Article: NAB working with Accenture on massive compliance fix

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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. Continue reading “Article: NAB working with Accenture on massive compliance fix”

Article: NAB Anti-Money Laundering Compliance: A disaster waiting to happen

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NAB Anti-Money Laundering Compliance: A disaster waiting to happen

miragenews, 10 June 2021

The Finance Sector Union (FSU) is concerned about reports regarding the compliance failures at the NAB.

FSU National Secretary Julia Angrisano said the union has expressed its concerns to the NAB for many years, that the constant restructuring, casualisation, and setting of unrealistic targets has negative consequences for staff, the NAB, and the wider community.

“These concerns have now been borne out by media reports that show a workforce that is under great stress, trying to do the impossible with little resourcing and next to no training,” Ms Angrisano said. Continue reading “Article: NAB Anti-Money Laundering Compliance: A disaster waiting to happen”

Article: Australia’s NAB faces money laundering probe

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Australia’s NAB faces money laundering probe

ishwarkimmins, 07 June 2021

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.

Australia’s third-largest market capitalization company said Monday that Australia has begun a formal investigation into its compliance with anti-money laundering and anti-terrorism laws. The casino groups Crown Resorts, Star Entertainment Group and Sky City Entertainment Group are also under investigation, he said. The investigation is part of an extensive campaign by authorities aimed at organized crime revenue, focusing on financial institutions, casinos and crypto exchanges. Continue reading “Article: Australia’s NAB faces money laundering probe”

Article: Australia’s NAB reveals anti-money laundering probe, shares fall

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Australia’s NAB reveals anti-money laundering probe, shares fall

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.

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