NAB Investigated For Possible Anti-Money Laundering Law Breaches

   By Alice Uribe

SYDNEY--National Australia Bank Ltd. will undergo a formal review by Australia's financial intelligence regulator over concerns that it breached anti-money laundering and counter-terrorism financing rules.

The Australian bank said AUSTRAC, in a a June 4 letter, signaled "potential serious and ongoing non-compliance" with customer identification procedures, ongoing customer due diligence and compliance with part of NAB's anti-money laundering and counter-terrorism financing program.

These concerns have been referred to AUSTRAC's enforcement team, which has begun a formal investigation, NAB said.

Still, AUSTRAC said in the letter that it had not made a decision about whether enforcement action would be taken, and that it is not considering civil penalty proceedings given work undertaken by NAB to date.

Write to Alice Uribe at alice.uribe@wsj.com

(END) Dow Jones Newswires

June 06, 2021 19:09 ET (23:09 GMT)

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